GYRODYNE CO OF AMERICA INC 

	Filing Type:	4 
	Description:	N/A 
	Filing Date:	04/04/06 

	Ticker:	GYRO 
	Cusip:	403820 
	State:	NY 
	Country:	US 
	Primary SIC:	6519 
	Primary Exchange:	NSD 
	Billing Cross Reference:	 
	Date Printed:	04/10/06

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                                         UNITED STATES SECURITIES AND EXCHANGE COMMISSION                  ----------------------  
    FORM 4                                        Washington, D.C. 20549                                   |     OMB APPROVAL    |  
                                                                                                           |---------------------|  
                                                                                                           | OMB Number:         |  
{} Check this box if                STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES             | 3235-0287           |  
     no longer subject to                                                                                  | Expires:            |  
     Section 16.  Form 4 or                                                                                | January 31, 2005    |   
     Form 5 obligations may                                                                                | Estimated average   |  
     continue. See Instruction                                                                             | burden hours per    |   
     1(b).                                                                                                 | response 0.5        |  
                          Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section  -----------------------  
                           17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the  
(Print or Type Responses)                          Investment Company Act of 1940  

---------------------------------------------------------------------------------------------------------------------------------  
|1. Name and Address of    | 2.  Issuer Name and Ticker or Trading Symbol      | 5. Relationship of Reporting Person(s)          |  
|  Reporting Person*       |                                                   |    to Issuer  (Check all applicable)            | 
|LAMB PAUL L               |GYRODYNE CO OF AMERICA INC                  GYRO   | __X__ Director          _____ 10% Owner         | 
|                          |                                                   | _____ Officer           _____ Other             |  
|--------------------------|---------------------------------------------------| 
|(Last)    (First) (Middle)|3. Date of Earliest Transaction (Month/Day/Year)   | (give title below)              (specify  below)| 
|                          | 04-04-2006                                        |                                                 | 
|42 MT. GREY ROAD,         |---------------------------------------------------|                                                 | 
|     (Street)             |4.If Amendment, Date Original Filed(Month/Day/Year)|-------------------------------------------------| 
|                          |                                                   | 6. Individual or Joint/Group Filing             | 
|EAST SETAU - NY - 11733   |                                                   |     (Check Applicable Line)                     | 
|KET                       |                                                   |   _X_  Form filed by One Reporting Person       |  
|                          |                                                   |   ___  Form filed by More than One              |   
| (City)    (State)  (Zip) |                                                   |         Reporting Person                        |  
 
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                      Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned  
                                                                                                                            
------------------------------------------------------------------------------------------------------------------------  
| 1.              |  2.      |  2a.     | 3.           |  4.                     | 5.            |  6.        |   7.             |  
| Title of        |  Trans-  |  Deemed  | Transaction  |  Securities Acquired    | Amount of Sec |  Ownership |   Nature of      |  
| Security        |  action  |  Execut. | Code         |  (A) or Disposed of (D) | Beneficially  |  Form:     |   Indirect       |  
| (Instr. 3)      |  Date    |  Date    | (Instr. 8)   |  (Instr. 3, 4 and 5)    |Owned Following|  Direct    |   Beneficial     |  
|                 |----------|----------|---------|----|----------|-----|--------| Transaction(s)|  (D) or    |   Ownership      |  
|                 |  (Month/ |  (Month/ |         |    |          | (A) |        |               |  Indirect  |   (Instr. 4)     |  
|                 |  Day/    |  Day/    |         |    |          | or  |        | (Instr. 3 and |  (I)       |                  |  
|                 |  Year)   |  Year)   |   Code  |  V |   Amount | (D) | Price  | 4)            |  Instr. 4) |                  |  
---------------------------------------------------------------------------------|-----------------------------------------------  
|Gyrodyne Company |04-04-2006|          |A        |    |300       |A    |$45.401 |300            |I           |By Paul L. Lamb P.| 
|of America, Inc. |          |          |         |    |          |     |        |               |            |C. Defined Benefit| 
|$1 Par value comm|          |          |         |    |          |     |        |               |            | Plan, of which Mr| 
|on               |          |          |         |    |          |     |        |               |            |. Lamb is Trustee | 
|--------------------------------------------------------------------------------|-----------------------------------------------| 
|Gyrodyne Company |          |          |         |    |          |     |        |13,747         |I           |By Lamb & Barnosky| 
|of America, Inc. |          |          |         |    |          |     |        |               |            | LLP Profit Sharin| 
|$1 Par value comm|          |          |         |    |          |     |        |               |            |g Trust, of which | 
|on               |          |          |         |    |          |     |        |               |            |Mr. Lamb is Truste| 
|                 |          |          |         |    |          |     |        |               |            |e                 | 
|--------------------------------------------------------------------------------|-----------------------------------------------| 
|Gyrodyne Company |          |          |         |    |          |     |        |7,742          |D           |                  | 
|of America, Inc. |          |          |         |    |          |     |        |               |            |                  | 
|$1 Par value comm|          |          |         |    |          |     |        |               |            |                  | 
|on               |          |          |         |    |          |     |        |               |            |                  | 
|--------------------------------------------------------------------------------|-----------------------------------------------| 

 

 
   
                            Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned  
                                      (e.g., puts, calls, warrants, options, convertible securities)  
                                                                                                                              
----------------------------------------------------------------------------------------------------------------------------------  
|1.      |2.      | 3.      | 3a.     |4.     | 5.           |  6.            | 7.           |8.     |9.      |10.     |11.      |  
|Title of|Conver- | Trans-  | Deemed  |Trans- | Number of    | Date           | Title and    |Price  |Number  |Owner-  |Nature of|  
|Deriv-  |sion or | action  | Execu.  |action | Deriv-       | Exercisable    | Amount of    |of     |of      |ship    |Indirect |  
|ative   |Exercise| Date    | Date    |Code   | ative        | and Expira-    | Underlying   |Deriv- |Deriv-  |Form    |Benefici.|   
|Security|Price of| (Month/ | (Month/ |(Instr.| Securities   | tion Date      | Securities   |ative  |ative   |of      |Ownership|  
|(Instr. |Deriv-  | Day/    | Day/    |8)     | Acquired     | (Month/Day/    | (Instr. 3    |Secur- |Secur-  |Deriv-  |(Instr. 4|  
| 3)     |ative   | Year)   | Year)   |       | (A) or       | Year)          |  and 4)      |ity    |ities   |ative   |         |  
|        |Security|         |         |       | Disposed of  |----------------|--------------|(Instr.|Bene-   |Secur-  |         |  
|        |        |         |         |-------| (D) (Instr.  |       |        |      |       | 5)    |ficially|ity     |         |  
|        |        |         |         |    |  | 3, 4 and 5)  |       |        |      |Amount |       |Owned   |Direct  |         |  
|        |        |         |         |    |  |--------------|       |        |      |or     |       |folowing|(D) or  |         |  
|        |        |         |         |    |  |      |       |Date   |Expira- |      |Number |       |reported|Indirect|         |  
|        |        |         |         |    |  |      |       |Exer-  |tion    |      |of     |       |tran.(s)|(I)     |         |  
|        |        |         |         |Code| V|  (A) |  (D)  |cisable|Date    |Title |Shares |       |(Inst.4)|Instr. 4|         |  
----------------------------------------------------------------------------------------------------------------------------------  
|Gyrodyne|$13.464 |         |         |    |  |      |       |01-01-2|01-01-20|Gyrody|4,492  |       |4,492   |D       |         | 
| Company|        |         |         |    |  |      |       |000    |06      |ne Com|       |       |        |        |         | 
| of Amer|        |         |         |    |  |      |       |       |        |pany o|       |       |        |        |         | 
|ica, Inc|        |         |         |    |  |      |       |       |        |f Amer|       |       |        |        |         | 
|. $1 Par|        |         |         |    |  |      |       |       |        |ica, I|       |       |        |        |         | 
| value c|        |         |         |    |  |      |       |       |        |nc. $1|       |       |        |        |         | 
|ommon   |        |         |         |    |  |      |       |       |        | Par v|       |       |        |        |         | 
|        |        |         |         |    |  |      |       |       |        |alue c|       |       |        |        |         | 
|        |        |         |         |    |  |      |       |       |        |ommon |       |       |        |        |         | 
|--------------------------------------------------------------------------------------------------------------------------------| 
 
+----------------------------------------------------------------------------------+ 
|                                      |          Relationships                    | 
|  Reporting Owner Name / Address      +----------+----------+----------+-------- -+ 
|                                      | Director |10% Owner | Officer  |  Other   | 
+--------------------------------------+----------+----------+----------+----------+ 
|LAMB PAUL L                           |    X     |    .     |          |          | 
|42 MT. GREY ROAD                      |          |          |          |          | 
|EAST SETAUKET NY 11733                |          |          |          |          | 
|--------------------------------------+----------+----------+----------+----------| 

Explanation of Responses: 

 
Remarks:  

 
Signatures 
 
Paul L. Lamb                                                 / 04-07-2006 
-------------------------------------------------------------   ----------- 
 ** Signature of Reporting Person                                Date 

    *  If the form is filed by more than one reporting person, seeInstruction 5(b)(v). 
    ** Intentional misstatements or omissions of facts constitute Federal Criminal Violations.   
    See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). 

    Note: File three copies of this Form, one of which must be manually signed.  If space is insufficient, See Instruction 6 for procedure. 
     
    Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.