================================================================================

                       SECURITIES AND EXCHANGE COMMISSION

                                    FORM 8-K

      CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES AND
                              EXCHANGE ACT OF 1934

                                   ----------

                        GYRODYNE COMPANY OF AMERICA, INC.
                        ---------------------------------
             (Exact name of Registrant as Specified in its Charter)

          New York                    000-01684           11-1688021
          --------                    ---------           ----------
(State or Other Jurisdiction of       (Commission File    (I.R.S. Employer
 Incorporation or Organization)       Number)             Identification Number)

                                 102 FLOWERFIELD
                            ST. JAMES, NEW YORK 11780
                                 (631) 584-5400
                                 --------------
               (Address, Including Zip Code, and Telephone Number,
        Including Area Code, of Registrant's Principal Executive Offices)

                                   ----------

                                   ----------

                                    Copy to:
                            Patrice Dowd Shenn, Esq.
                              Lamb & Barnosky, LLP
                        534 Broadhollow Road - C.S. 9034
                            Melville, New York 11747

                                   ----------
<PAGE>

ITEM 7. EXHIBITS

Exhibit 20(a): Letter to Shareholders dated January 8, 2002.

Exhibit 20(b): Letter to Shareholders dated January 22, 2002.

                                   SIGNATURES

      Pursuant to the requirements of the Securities Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.

                                        GYRODYNE COMPANY OF AMERICA, INC.


                                        By  /s/ Stephen V. Maroney
                                            ------------------------------------
                                            Stephen V. Maroney
                                            President, Chief Executive Officer
                                            and Treasurer

Date: January 23, 2002
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{"company-data": {"conformed-name": "GYRODYNE CO OF AMERICA INC", "cik": "0000044689", "assigned-sic": "6512", "irs-number": "111688021", "state-of-incorporation": "NY", "fiscal-year-end": "0430"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-01684", "film-number": "02515844"}, "business-address": {"street1": "102 FLOWERFIELD ST", "city": "ST JAMES", "state": "NY", "zip": "11780", "phone": "6315845400"}, "mail-address": {"street2": "17 FLOWERFIELD SUITE 15", "city": "ST JAMES", "state": "NY", "zip": "11780"}}
================================================================================

                       SECURITIES AND EXCHANGE COMMISSION

                                    FORM 8-K

      CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES AND
                              EXCHANGE ACT OF 1934

                                   ----------

                        GYRODYNE COMPANY OF AMERICA, INC.
                        ---------------------------------
             (Exact name of Registrant as Specified in its Charter)

          New York                    000-01684           11-1688021
          --------                    ---------           ----------
(State or Other Jurisdiction of       (Commission File    (I.R.S. Employer
 Incorporation or Organization)       Number)             Identification Number)

                                 102 FLOWERFIELD
                            ST. JAMES, NEW YORK 11780
                                 (631) 584-5400
                                 --------------
               (Address, Including Zip Code, and Telephone Number,
        Including Area Code, of Registrant's Principal Executive Offices)

                                   ----------

                                   ----------

                                    Copy to:
                            Patrice Dowd Shenn, Esq.
                              Lamb & Barnosky, LLP
                        534 Broadhollow Road - C.S. 9034
                            Melville, New York 11747

                                   ----------
ITEM 7. EXHIBITS

Exhibit 20(a): Letter to Shareholders dated January 8, 2002.

Exhibit 20(b): Letter to Shareholders dated January 22, 2002.

                                   SIGNATURES

      Pursuant to the requirements of the Securities Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.

                                        GYRODYNE COMPANY OF AMERICA, INC.

                                        By  /s/ Stephen V. Maroney
                                            ------------------------------------
                                            Stephen V. Maroney
                                            President, Chief Executive Officer
                                            and Treasurer

Date: January 23, 2002