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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 KiDn0Ity3oEKI7rHksK/mZYNlyooclbK20Md/0KJA+cPxeHQ4Kz09F/WONMGyA1y
 MxgapxuRinMxkQI9v6WjUg==

<SEC-DOCUMENT>0001214659-08-001398.txt : 20080619
<SEC-HEADER>0001214659-08-001398.hdr.sgml : 20080619
<ACCEPTANCE-DATETIME>20080619115140
ACCESSION NUMBER:		0001214659-08-001398
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20080612
FILED AS OF DATE:		20080619
DATE AS OF CHANGE:		20080619

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GYRODYNE CO OF AMERICA INC
		CENTRAL INDEX KEY:			0000044689
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATORS OF NONRESIDENTIAL BUILDINGS [6512]
		IRS NUMBER:				111688021
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		1 FLOWERFIELD
		STREET 2:		SUITE 24
		CITY:			ST JAMES
		STATE:			NY
		ZIP:			11780
		BUSINESS PHONE:		6315845400

	MAIL ADDRESS:	
		STREET 1:		1 FLOWERFIELD
		STREET 2:		SUITE 24
		CITY:			ST JAMES
		STATE:			NY
		ZIP:			11780

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			SALOUR NADER GM
		CENTRAL INDEX KEY:			0001380362

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-01684
		FILM NUMBER:		08907178

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		631-584-5400

	MAIL ADDRESS:	
		STREET 1:		1 FLOWERFIELD, SUITE 24
		CITY:			SAINT JAMES
		STATE:			NY
		ZIP:			11780
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>c61781f4_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2008-06-12</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000044689</issuerCik>
        <issuerName>GYRODYNE CO OF AMERICA INC</issuerName>
        <issuerTradingSymbol>GYRO</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001380362</rptOwnerCik>
            <rptOwnerName>SALOUR NADER GM</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1 FLOWERFIELD, SUITE 24</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>SAINT JAMES</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>11780</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2008-06-12</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>543</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>36.25</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>943</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <ownerSignature>
        <signatureName>/s/ Nader G.M. Salour</signatureName>
        <signatureDate>2008-06-17</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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