GYRODYNE CO OF AMERICA INC 

	Filing Type:	SCH 13G 
	Description:	A00 
	Filing Date:	02/14/06 

	Ticker:	GYRO 
	Cusip:	403820 
	State:	NY 
	Country:	US 
	Primary SIC:	6519 
	Primary Exchange:	NSD 
	Billing Cross Reference:	 
	Date Printed:	03/28/06

Table of Contents

To jump to section, click on hypertexted page number

Filing Sections

Document	
Base	
Cover Page	
Issuer	
Filer	
Type of Filer	
Ownership	
Five Percent or Less	
Five Percent or More	
Subsidiary Identification	
Members of Group	
Dissolution of Group	
Certification	

Exhibits

Exhibits	

UNITED STATES	 
SECURITIES AND EXCHANGE COMMISSION	 
Washington, D.C. 20549	 
 
SCHEDULE 13G	Amendment No. 8 
 
(Name of Issuer)	 
	GYRODYNE CO OF AMERICA 
 
(Title of Class of Securities)	 
Common Stock	 
 
(CUSIP Number)	 
403820103 
 
Rule 13d-1(c) (Bruce Sherman) 
     13d-1(b) (Private Capital Management, L.P.) 
 
See Exibit A (Joint Filing Agreement) 
 
NAME OF REPORTING PERSON	 
Bruce S. Sherman	 
 
I.R.S. IDENTIFICATION NO.	 

MEMBER OF A GROUP?	 
(b) X 
 
CITIZENSHIP	 
U.S. Citizen	 
 
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:	 
SOLE VOTING POWER 	130837 
SHARED VOTING POWER 	70025 
SOLE DISPOSITIVE POWER 	130837 
SHARED DISPOSITIVE POWER 	70025 
 
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON	 
	200862 
 
AGGREGATE AMOUNT BENEFICIALLY OWNED EXCLUDES CERTAIN SHARES	 
(no)	 
 
PERCENT OF CLASS REPRESENTED BY AGGREGATE AMOUNT BENEFICIALLY	 
OWNED	 
	16.3% 
 
TYPE OF REPORTING PERSON	 
IN	 
 
NAME OF REPORTING PERSON	 
Private Capital Management, L.P.	 
 
I.R.S. IDENTIFICATION NO.	 
59-3654603	 
 
MEMBER OF A GROUP?	 
(b) X 
 
PLACE OF ORGANIZATION	 
Delaware	 
 
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:	 
SOLE VOTING POWER 	0 
SHARED VOTING POWER	70025 

SOLE DISPOSITIVE POWER 	0 
SHARED DISPOSITIVE POWER 	70025 
 
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON	 
	70025 
 
PERCENT OF CLASS REPRESENTED BY AGGREGATE AMOUNT BENEFICIALLY	 
OWNED	 
	5.7% 
 
TYPE OF REPORTING PERSON	 
IA	 
 
NAME OF REPORTING PERSON	 
Gregg J. Powers	 
 
I.R.S. IDENTIFICATION NO.	 

MEMBER OF A GROUP?	 
(b) X	 
 
CITIZENSHIP	 
U.S. Citizen	 
 
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:	 
SOLE VOTING POWER 	0 
SHARED VOTING POWER 	70025 
SOLE DISPOSITIVE POWER 	0 
SHARED DISPOSITIVE POWER 	70025 
 
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON	 
	70025 
 
AGGREGATE AMOUNT BENEFICIALLY OWNED EXCLUDES CERTAIN SHARES	 
(no)	 
 
PERCENT OF CLASS REPRESENTED BY AGGREGATE AMOUNT BENEFICIALLY	 
OWNED	 
	5.7% 
 
TYPE OF REPORTING PERSON	 
IN	 

ITEMS 1 - 10 OF GENERAL INSTRUCTIONS	 
 
Item 1.	 
(a)Name of Issuer: 	GYRODYNE CO OF AMERICA 
(b)Address of Issuer: 	17 Flowerfield Suite 15, St James, NY 11780 
 
Item 2.	 
(a)Name of Person Filing: See Exhibit 1		 	 
(b)Address of Person Filing: 8889 Pelican Bay Blvd., Naples, FL  34108			      
(c)Citizenship:  See Exhibit 1	 
(d)Title of Class of Securities:  Common Stock	 
(e)CUSIP Number:  	403820103 
 
Item 3. 	 
Private Capital Management, L.P. is filing as an Investment Adviser registered	 
under section 203 of the Investment Advisers Act of 1940. 

Item 4. Ownership 
(a)Amount Beneficially Owned:   
(b)Percent of Class:  See Exhibit 1 

(c)Number of Shares as to which such person has: 
(i)sole power to vote or to direct the vote: 
     See Exhibit 1 
(ii)shared power to vote or to direct the vote: 
     See Exhibit 1 
(iii)sole power to dispose or to direct the disposition of: 
     See Exhibit 1 
(iv)shared power to dispose or to direct the disposition of: 
     See Exhibit 1 
 
Item 5. Ownership of Five Percent or Less of Class: 
        N/A 
 
Item 6. Ownership of More than Five Percent on Behalf of Another 
Person: N/A 
 
Item 7. Identification and Classification of the Subsidiary Which 
Acquired the Security Being Reported on By the Parent Holding 
Company: N/A 
 
Item 8. Identification and Classification of Members of the Group: 
        See Exhibit 1 
 
Item 9. Notice of Dissolution of Group: 
        N/A 
 
Item 10.  
 
Certification of Mr. Sherman: 
 
By signing below I certify that, to the best of my knowledge and 
belief, the securities referred to above were not acquired and are  
not held for the purpose of or with the effect of changing or  
influencing the control of the issuer of such securities and were  
not acquired and are not held in connection with or as a participant  
in any transaction having such purposes or effect. 

Certification of Private Capital Management, L.P and Mr. Powers: 
 
By signing below I certify that, to the best of my knowledge and  
belief, the securities referred to above were notacquired in the  
ordinary course of business and were not acquired for the purpose  
of and do not have the effect of changing or influencing the  
control of the issuer of such securities and were not acquired  
in connection with or as a participant in any transaction having  
such purposes or effect. 

 
 
SIGNATURE 
After reasonable inquiry and to the best of my knowledge and 
belief, I certify that the information set forth in this statement 
is true, complete and correct. 
 
Date:   See Exhibit 2 
Signature:  See Exhibit 2 
Name/Title: See Exhibit 2 

 
                    Exhibit 1 

Item 2. 

(a) Name of Person Filing 
     1)  Bruce S. Sherman 
     2)  Private Capital Management, L.P. 
     3)  Gregg J. Powers 
 
(c)Citizenship 
     1)  Delaware 
     2)  U.S. 
     3)  U.S. 
 
Item 4.	 
(a) Amount Beneficially Owned	 
     1) 	200862 
     2) 	70025 
     3)		70025 
 
(b) Percent of Class	 
     1) 	16.3% 
     2) 	5.7% 
     3)		5.7% 
	 
(c) Number of shares as to which such person has:	 
   (i)   sole power to vote or to direct the vote	 
         1)  	130837 
         2)  	0 
         3)  	0 
 
   (ii)  shared power to vote or to direct the vote	 
         1) 	70025 
         2)  	70025 
         3)  	70025 
	 
   (iii) sole power to dispose or to direct the disposition of	 
         1)  	130837 
         2)  	0 
         3)  	0 
	 
   (iv)  shared power to dispose or to direct the disposition of	 
         1)  	70025 
         2)  	70025 
         3)  	70025 

Bruce S. Sherman is CEO of Private Capital Management (PCM) 
and Gregg J. Powers is President of PCM.  In these capacities, Messrs. 
Sherman and Powers exercise shared dispositive and shared voting power 
with respect to shares held by PCM's clients and managed by PCM. 
Messrs. Sherman and Powers disclaim beneficial ownership for the shares 
held by PCM's clients and disclaim the existence of a group. 
 
Exhibit 2 
 
Signature 
 
After reasonable inquiry and to the best of my knowledge and 
belief, I certify that the information set forth in this statement 
is true, complete and correct. 
 
Date:  February 14, 2006 

 
 
______________________________________ 
Bruce Sherman 
as CEO, PCM 

as, individual, as applicable 

 

______________________________________ 
Gregg J. Powers 
as President, PCM 
as, individual, as applicable 

 

Exhibit A 
 
JOINT FILING AGREEMENT 
 
In accordance with Rule 13d-1(k)(1) under the Securities Exchange 
Act of 1934, as amended, the undersigned hereby agree to the joint 
filing with all other Reporting Persons (as such term is used in  
the Schedule 13G referred to below) on behalf of each of them of  
a statement on Schedule 13G (including amendments thereto) with  
respect to the Class A Common Stock, par value $0.01 per share,  
of Gyrodyne Co of America, and that this Agreement be included as 
an Exhibit to such joint filing.  This Agreement may be executed  
in any number of counterparts all of which taken together shall  
constitute one and the same instrument. 
 
IN WITNESS WHEREOF, the undersigned hereby execute this Agreement  
this 14th day of February, 2005.   

____________________             _________________  
Bruce S. Sherman,		 February 14, 2006 
as CEO, PCM 
as, individual, as applicable 

____________________             _________________  
Gregg J. Powers  		 February 14, 2006 
as President, PCM 
as, individual, as applicable