The founder and former director of Gyrodyne, Peter James Papadakos (1914-1992), was the pioneer who perfected the American Coaxial helicopter design.
Upon purchasing the assets of the bankrupt Bendix Helicopter company, Mr. Papadakos founded Gyrodyne Company of America in 1946, to "Investigate advanced helicopter designs and development with the goal of producing a better rotary wing aircraft than any other being offered at that time".
On June 14, 1966, he formed the Flowerfield Properties wholly-owned subsidiary of the Gyrodyne Company for the purpose for holding certain assets of the company's property, investments and its limited partnership in the development of a 3,500 acre orange grove in West Palm Beach, Florida.
Frederick C. Braun III, 71, was appointed to the position of President and CEO by the Gyrodyne Board of Directors effective February 25, 2013. Mr. Braun is currently the Chairman of the Brookhaven Industrial Development Agency (“Brookhaven IDA”), a public benefit corporation of the State of New York that assists in the acquisition, construction, reconstruction, and equipping of commercial and industrial facilities. He has served in such capacity for approximately 25 years. Mr. Braun also serves as a member ex-officio on the Brookhaven IDA’s Audit, Finance and Governance Committees. From 2000 to September 2009, Mr. Braun served as Executive Vice President of State Bank of Long Island, a commercial bank subsidiary of State Bancorp, Inc. (acquired by Valley National Bancorp effective January 1, 2012).