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        <link:definition>028 - Disclosure - Note 6 - Consolidating Financial Information (Tables)</link:definition>
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        <link:definition>029 - Disclosure - Note 8 - Investment in Marketable Securities: (Tables)</link:definition>
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        <link:definition>036 - Disclosure - Note 18 - Fair Value of Financial Instruments: (Tables)</link:definition>
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        <link:definition>040 - Disclosure - Note 3 - Significant accounting policies: (Details)</link:definition>
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        <link:definition>046 - Disclosure - Note 8 - Investment in Marketable Securities: (Details)</link:definition>
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        <link:definition>047 - Disclosure - Note 8 - Investment in Marketable Securities: (Details) - Historical Cost and Estimated Fair Value of Available for Sale Securities</link:definition>
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  <xs:element name="Note2StrategicProcessDetailsLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gyro_Note2StrategicProcessDetailsLineItems"/>
  <xs:element name="PercentageOfOutstandingSharesVotedByDeliveryOfProxyCards" type="num:percentItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item" id="gyro_PercentageOfOutstandingSharesVotedByDeliveryOfProxyCards"/>
  <xs:element name="PercentageOfSharesVotedInFavorOfMerger" type="num:percentItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item" id="gyro_PercentageOfSharesVotedInFavorOfMerger"/>
  <xs:element name="NumberOfSubscriptionRights" type="xbrli:integerItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item" id="gyro_NumberOfSubscriptionRights"/>
  <xs:element name="NumberOfCommonStockHeldOfRecord" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item" id="gyro_NumberOfCommonStockHeldOfRecord"/>
  <xs:element name="CommonStockPurchaseFromEachSubscriptionRight" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item" id="gyro_CommonStockPurchaseFromEachSubscriptionRight"/>
  <xs:element name="ExpectedGrossProceedsFromRightsOffering" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="gyro_ExpectedGrossProceedsFromRightsOffering"/>
  <xs:element name="MaximumNumberOfStockToBeDistributedFromRightsOffering" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gyro_MaximumNumberOfStockToBeDistributedFromRightsOffering"/>
  <xs:element name="PercentageOfSharesToBeAllocatedFromMerger" type="num:percentItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item" id="gyro_PercentageOfSharesToBeAllocatedFromMerger"/>
  <xs:element name="Note5PrinciplesofConsolidationDetailsTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem" id="gyro_Note5PrinciplesofConsolidationDetailsTable"/>
  <xs:element name="Note5PrinciplesofConsolidationDetailsLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gyro_Note5PrinciplesofConsolidationDetailsLineItems"/>
  <xs:element name="MinimumOwnershipPercentageInLimitedPartnershipsEquityMethod" type="num:percentItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item" id="gyro_MinimumOwnershipPercentageInLimitedPartnershipsEquityMethod"/>
  <xs:element name="VariableInterestEntityReimbursementPercentage" type="num:percentItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item" id="gyro_VariableInterestEntityReimbursementPercentage"/>
  <xs:element name="VariableInterestEntityManagementFeeMarkUp" type="num:percentItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item" id="gyro_VariableInterestEntityManagementFeeMarkUp"/>
  <xs:element name="VariableInterestEntityFundsAdvancedInterestRate" type="num:percentItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item" id="gyro_VariableInterestEntityFundsAdvancedInterestRate"/>
  <xs:element name="Note6ConsolidatingFinancialInformationDetailsTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem" id="gyro_Note6ConsolidatingFinancialInformationDetailsTable"/>
  <xs:element name="Note6ConsolidatingFinancialInformationDetailsLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gyro_Note6ConsolidatingFinancialInformationDetailsLineItems"/>
  <xs:element name="Note8InvestmentinMarketableSecuritiesDetailsTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem" id="gyro_Note8InvestmentinMarketableSecuritiesDetailsTable"/>
  <xs:element name="Note8InvestmentinMarketableSecuritiesDetailsLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gyro_Note8InvestmentinMarketableSecuritiesDetailsLineItems"/>
  <xs:element name="MarketableSecuritiesEstimatedYield" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gyro_MarketableSecuritiesEstimatedYield"/>
  <xs:element name="MarketableSecuritiesContractualMaturities" type="xbrli:durationItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gyro_MarketableSecuritiesContractualMaturities"/>
  <xs:element name="MarketableSecuritiesAdjustedDuration" type="xbrli:durationItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gyro_MarketableSecuritiesAdjustedDuration"/>
  <xs:element name="Note9NotesPayableDetailsTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem" id="gyro_Note9NotesPayableDetailsTable"/>
  <xs:element name="Note9NotesPayableDetailsLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gyro_Note9NotesPayableDetailsLineItems"/>
  <xs:element name="CommonStockEquivalentsOutstanding" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item" id="gyro_CommonStockEquivalentsOutstanding"/>
  <xs:element name="Note11IncomeTaxesDetailsTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem" id="gyro_Note11IncomeTaxesDetailsTable"/>
  <xs:element name="Note11IncomeTaxesDetailsLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gyro_Note11IncomeTaxesDetailsLineItems"/>
  <xs:element name="DefinedBenefitPlanObligationUnderfunded" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="gyro_DefinedBenefitPlanObligationUnderfunded"/>
  <xs:element name="Note13IncentiveCompensationPlanDetailsTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem" id="gyro_Note13IncentiveCompensationPlanDetailsTable"/>
  <xs:element name="Note13IncentiveCompensationPlanDetailsLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gyro_Note13IncentiveCompensationPlanDetailsLineItems"/>
  <xs:element name="RemainingLiabilityUnderIncentivePlanAggregativeMaximum" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="gyro_RemainingLiabilityUnderIncentivePlanAggregativeMaximum"/>
  <xs:element name="Note14RetentionBonusPlanDetailsTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem" id="gyro_Note14RetentionBonusPlanDetailsTable"/>
  <xs:element name="Note14RetentionBonusPlanDetailsLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gyro_Note14RetentionBonusPlanDetailsLineItems"/>
  <xs:element name="BonusPoolFundingAsPercentageOfAppraisedValueOfContributedProperties" type="num:percentItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item" id="gyro_BonusPoolFundingAsPercentageOfAppraisedValueOfContributedProperties"/>
  <xs:element name="RetentionBonusPlanGrossSellingPriceRequirementPercentage" type="num:percentItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item" id="gyro_RetentionBonusPlanGrossSellingPriceRequirementPercentage"/>
  <xs:element name="AdditionalBonusPoolFundingPercentageOfGrossSalesPriceOnFirstTenPercentOffPropertyAppreciation" type="num:percentItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item" id="gyro_AdditionalBonusPoolFundingPercentageOfGrossSalesPriceOnFirstTenPercentOffPropertyAppreciation"/>
  <xs:element name="AdditionalBonusPoolFundingPercentageOfGrossSalesPriceOnSecondTenPercentOfPropertyAppreciation" type="num:percentItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item" id="gyro_AdditionalBonusPoolFundingPercentageOfGrossSalesPriceOnSecondTenPercentOfPropertyAppreciation"/>
  <xs:element name="AdditionalBonusPoolFundingPercentageOfGrossSalesPriceOnPropertyAppreciationGreaterThanTwentyPercent" type="num:percentItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item" id="gyro_AdditionalBonusPoolFundingPercentageOfGrossSalesPriceOnPropertyAppreciationGreaterThanTwentyPercent"/>
  <xs:element name="AdditionalBonusPoolFundingAdditionalPercentageOfGrossSalesPriceOnPropertyAppreciation" type="num:percentItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item" id="gyro_AdditionalBonusPoolFundingAdditionalPercentageOfGrossSalesPriceOnPropertyAppreciation"/>
  <xs:element name="BonusPoolDistributionProportions" type="num:percentItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item" id="gyro_BonusPoolDistributionProportions"/>
  <xs:element name="Note16CommitmentsandContingenciesDetailsTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem" id="gyro_Note16CommitmentsandContingenciesDetailsTable"/>
  <xs:element name="Note16CommitmentsandContingenciesDetailsLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gyro_Note16CommitmentsandContingenciesDetailsLineItems"/>
  <xs:element name="Note18FairValueofFinancialInstrumentsDetailsTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem" id="gyro_Note18FairValueofFinancialInstrumentsDetailsTable"/>
  <xs:element name="Note18FairValueofFinancialInstrumentsDetailsLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gyro_Note18FairValueofFinancialInstrumentsDetailsLineItems"/>
  <xs:element name="BelowCurrentCarryingValueMember" type="nonnum:domainItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gyro_BelowCurrentCarryingValueMember"/>
  <xs:element name="CEOAndPresidentEachMember" type="nonnum:domainItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gyro_CEOAndPresidentEachMember"/>
  <xs:element name="CalleryJudgeGroveLPMember" type="nonnum:domainItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gyro_CalleryJudgeGroveLPMember"/>
  <xs:element name="CondemnationExpenseMember" type="nonnum:domainItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gyro_CondemnationExpenseMember"/>
  <xs:element name="ControlledByParentCompanyMember" type="nonnum:domainItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gyro_ControlledByParentCompanyMember"/>
  <xs:element name="CurrentCOOEmployeesAndDirectorsMember" type="nonnum:domainItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gyro_CurrentCOOEmployeesAndDirectorsMember"/>
  <xs:element name="CurrentEmployeesMember" type="nonnum:domainItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gyro_CurrentEmployeesMember"/>
  <xs:element name="DirectorsOtherThanChairmanMember" type="nonnum:domainItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gyro_DirectorsOtherThanChairmanMember"/>
  <xs:element name="DividendNoteIssuedMember" type="nonnum:domainItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gyro_DividendNoteIssuedMember"/>
  <xs:element name="EmployeeAndDirectorBonusesMember" type="nonnum:domainItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gyro_EmployeeAndDirectorBonusesMember"/>
  <xs:element name="EmployeesNotFolowingRestructuringMember" type="nonnum:domainItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gyro_EmployeesNotFolowingRestructuringMember"/>
  <xs:element name="EmploymentAgreementWithSeveranceContingenciesMember" type="nonnum:domainItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gyro_EmploymentAgreementWithSeveranceContingenciesMember"/>
  <xs:element name="ExecutivesAndEmployeesMember" type="nonnum:domainItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gyro_ExecutivesAndEmployeesMember"/>
  <xs:element name="FlowerfieldPropertiesIncMember" type="nonnum:domainItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gyro_FlowerfieldPropertiesIncMember"/>
  <xs:element name="FormerBoardMembersAndEmployeesMember" type="nonnum:domainItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gyro_FormerBoardMembersAndEmployeesMember"/>
  <xs:element name="FormerChiefExecutiveOfficerMember" type="nonnum:domainItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gyro_FormerChiefExecutiveOfficerMember"/>
  <xs:element name="FormerDirectorMember" type="nonnum:domainItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gyro_FormerDirectorMember"/>
  <xs:element name="GeneralAndAdministrativeExpensesMember" type="nonnum:domainItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gyro_GeneralAndAdministrativeExpensesMember"/>
  <xs:element name="GlobalDividendIssuedJune2014Member" type="nonnum:domainItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gyro_GlobalDividendIssuedJune2014Member"/>
  <xs:element name="GlobalDividendNoteIssuedDecember2014Member" type="nonnum:domainItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gyro_GlobalDividendNoteIssuedDecember2014Member"/>
  <xs:element name="GlobalDividendNotePayableMember" type="nonnum:domainItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gyro_GlobalDividendNotePayableMember"/>
  <xs:element name="GlobalNoteIssuedDecember2014Member" type="nonnum:domainItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gyro_GlobalNoteIssuedDecember2014Member"/>
  <xs:element name="GyrodyneShareholdersMember" type="nonnum:domainItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gyro_GyrodyneShareholdersMember"/>
  <xs:element name="GyrodyneSpecialDistributionLLCMember" type="nonnum:domainItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gyro_GyrodyneSpecialDistributionLLCMember"/>
  <xs:element name="HoldersOfCommonSharesOfGSDMember" type="nonnum:domainItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gyro_HoldersOfCommonSharesOfGSDMember"/>
  <xs:element name="HoldersOfDividendNotesMember" type="nonnum:domainItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gyro_HoldersOfDividendNotesMember"/>
  <xs:element name="ImpairedRealEstateAssetsMember" type="nonnum:domainItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gyro_ImpairedRealEstateAssetsMember"/>
  <xs:element name="IncentiveCompensationPlanMember" type="nonnum:domainItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gyro_IncentiveCompensationPlanMember"/>
  <xs:element name="MedicalOfficeParkMember" type="nonnum:domainItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gyro_MedicalOfficeParkMember"/>
  <xs:element name="MortgageObligationMember" type="nonnum:domainItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gyro_MortgageObligationMember"/>
  <xs:element name="MultiTenantIndustrialParkMember" type="nonnum:domainItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gyro_MultiTenantIndustrialParkMember"/>
  <xs:element name="NonCashDividendsMember" type="nonnum:domainItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gyro_NonCashDividendsMember"/>
  <xs:element name="Other5DirectorsMember" type="nonnum:domainItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gyro_Other5DirectorsMember"/>
  <xs:element name="OtherEmployeeSeveranceCommitmentContingenciesMember" type="nonnum:domainItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gyro_OtherEmployeeSeveranceCommitmentContingenciesMember"/>
  <xs:element name="OtherEmployeesMember" type="nonnum:domainItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gyro_OtherEmployeesMember"/>
  <xs:element name="RentalExpenseMember" type="nonnum:domainItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gyro_RentalExpenseMember"/>
  <xs:element name="RequiredCashPaymentMember" type="nonnum:domainItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gyro_RequiredCashPaymentMember"/>
  <xs:element name="RightsOfferingMember" type="nonnum:domainItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gyro_RightsOfferingMember"/>
  <xs:element name="SpecialDistributionsMember" type="nonnum:domainItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gyro_SpecialDistributionsMember"/>
  <xs:element name="StJamesNewYorkMember" type="nonnum:domainItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gyro_StJamesNewYorkMember"/>
  <xs:element name="TheGroveFloridaMember" type="nonnum:domainItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gyro_TheGroveFloridaMember"/>
  <xs:element name="TheGrovePropertyMember" type="nonnum:domainItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gyro_TheGrovePropertyMember"/>
  <xs:element name="DocumentAndEntityInformationAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gyro_DocumentAndEntityInformationAbstract"/>
</xs:schema>
