Gyrodyne amends Flowerfield sale agreement with $1.52M credit, extends covenant deadline to Feb 5, 2026

Gyrodyne, LLC

Second Amendment provides $1,520,222 credit to B2K for on-site improvements on Lots 1 and 3 of Flowerfield.
Investigation period expired; B2K's right to terminate under Section 3.1(D) is null and void.
Parties must resolve third-party land use covenants by Feb 5, 2026; B2K may terminate if unresolved.
Sanitary flow chart revised, allocating all remaining sanitary flow to B2K except for Lots 1-3.
Company states impact on timeline and net asset value is premature to determine due to covenant uncertainty.

item 1.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Gyrodyne, LLC amended Second Amendment with B2K Smithtown LLC valued at $1,520,222 (effective 2026-01-06).

Action: amendment
Agreement: asset purchase
Counterparty: B2K Smithtown LLC
Value: $1,520,222
Effective: 2026-01-06

Exact text from the filing

GSD Flowerfield LLC, a New York limited liability company (“GSD”) and wholly-owned subsidiary of Gyrodyne, LLC, a New York limited liability company (the “Company”), and B2K Smithtown LLC, a Delaware limited liability company (“B2K”), have entered into a Second Amendment dated as of January 6, 2026 (the “Second Amendment”) to the Purchase and Sale Agreement effective as of July 30, 2025 (the “Purchase Agreement”) between GSD and B2K.

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Source: SEC EDGAR

accession 0001437749-26-001119

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