SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                  SCHEDULE 13D
                                 (Rule 13d-101)
                    Under the Securities Exchange Act of 1934
                                 Amendment No. 6
                                    --------
                        Gyrodyne Company of America, Inc.
 -------------------------------------------------------------------------------
                                (Name of Issuer)
                          Common Stock, $1.00 par value
 -------------------------------------------------------------------------------
                         (Title of Class of Securities)
                                    403820103
 -------------------------------------------------------------------------------
                                 (CUSIP Number)

                                  Elchanan Maoz
                                 Platinum House
                               21 Ha'arba'a Street
                                 Tel Aviv, 64739
                                     Israel
                               Tel: 972-3-6858555
                               Fax: 972-3-6858557


                              Guy N. Molinari, Esq.
                                Heller Ehrman LLP
                                 7 Times Square
                                Time Square Tower
                               New York, NY 10036
                                 (212) 832-8300
 -------------------------------------------------------------------------------
            (Name, Address and Telephone Number of Person Authorized
                     to Receive Notices and Communications)

                                  May 20, 2005
 -------------------------------------------------------------------------------
             (Date of Event which Requires Filing of this Statement)


     If the filing person has previously filed a statement on Schedule 13G to
report the acquisition which is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box.

     Note: Schedules filed in paper format shall include a signed original and
five copies of the schedule, including all exhibits. See Rule 13d-7(b) for other
parties to whom copies are to be sent. *The remainder of this cover page shall
be filled out for a reporting person's initial filing on this form with respect
to the subject class of securities, and for any subsequent amendment containing
information which would alter disclosures provided in a prior cover page.

     The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).






CUSIP No. 403820103
---------------------------------------------------------------
   1    NAME OF REPORTING PERSONS.
           I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) 
               Kellogg Capital Group, LLC
---------------------------------------------------------------
   2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                    (a)x  (b)
---------------------------------------------------------------
   3    SEC USE ONLY
---------------------------------------------------------------
   4    SOURCE OF FUNDS*
                    N/A
----------------------------------------------------------------
   5    CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
           PURSUANT TO ITEMS 2(d) OR 2(e)
----------------------------------------------------------------
   6    CITIZENSHIP OR PLACE OF ORGANIZATION
           New York
----------------------------------------------------------------
   NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
----------------------------------------------------------------
   7    SOLE VOTING POWER
                    0
----------------------------------------------------------------
   8    SHARED VOTING POWER
                    61,772
----------------------------------------------------------------
   9    SOLE DISPOSITIVE POWER
                    0
----------------------------------------------------------------
   10      SHARED DISPOSITIVE POWER
                    61,772
---------------------------------------------------------------
   11      AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON
                    61,772
---------------------------------------------------------------
   12      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
                SHARES*
---------------------------------------------------------------
   13      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
                    5.1%
---------------------------------------------------------------
   14      TYPE OF REPORTING PERSON*
                    BD
---------------------------------------------------------------






CUSIP No. 403820103
---------------------------------------------------------------
   1    NAME OF REPORTING PERSONS.
           I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
        Kellogg  Group, LLC
---------------------------------------------------------------
   2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                    (a) x (b)
---------------------------------------------------------------
   3    SEC USE ONLY
---------------------------------------------------------------
   4    SOURCE OF FUNDS*
                    N/A
----------------------------------------------------------------
   5    CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
           PURSUANT TO ITEMS 2(d) OR 2(e)
----------------------------------------------------------------
   6    CITIZENSHIP OR PLACE OF ORGANIZATION
           New York
----------------------------------------------------------------
   NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
----------------------------------------------------------------
   7    SOLE VOTING POWER
                    0
----------------------------------------------------------------
   8    SHARED VOTING POWER
                    61,772
----------------------------------------------------------------
   9    SOLE DISPOSITIVE POWER
                    0
----------------------------------------------------------------
   10      SHARED DISPOSITIVE POWER
                    61,772
---------------------------------------------------------------
   11      AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON
                    61,772
---------------------------------------------------------------
   12      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
                SHARES*
---------------------------------------------------------------
   13      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
                    5.1%
---------------------------------------------------------------
   14      TYPE OF REPORTING PERSON*
                    OO
---------------------------------------------------------------






CUSIP No. 403820103
---------------------------------------------------------------
   1    NAME OF REPORTING PERSONS.
           I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
         Charles  K. Kellogg
--------------------------------------------------------------
   2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                    (a) x   (b)
---------------------------------------------------------------
   3    SEC USE ONLY
---------------------------------------------------------------
   4    SOURCE OF FUNDS*
                    N/A
----------------------------------------------------------------
   5    CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
           PURSUANT TO ITEMS 2(d) OR 2(e)
----------------------------------------------------------------
   6    CITIZENSHIP OR PLACE OF ORGANIZATION
                    U.S.A.
----------------------------------------------------------------
   NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
----------------------------------------------------------------
   7    SOLE VOTING POWER
                    0
----------------------------------------------------------------
   8    SHARED VOTING POWER
                    61,772
----------------------------------------------------------------
   9    SOLE DISPOSITIVE POWER
                    0
----------------------------------------------------------------
   10      SHARED DISPOSITIVE POWER
                    61,772
---------------------------------------------------------------
   11      AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON
                    61,772
--------------------------------------------------------------
   12      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
                SHARES*
---------------------------------------------------------------
   13      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
                    5.1%
---------------------------------------------------------------
   14      TYPE OF REPORTING PERSON*
                    IN
---------------------------------------------------------------





CUSIP No. 403820103
---------------------------------------------------------------
   1. NAME OF REPORTING PERSONS.
           I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) 
                Lee  Kellogg
---------------------------------------------------------------
   2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                    (a) x   (b)
---------------------------------------------------------------
   3    SEC USE ONLY
---------------------------------------------------------------
   4    SOURCE OF FUNDS*
                    N/A
----------------------------------------------------------------
   5    CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
           PURSUANT TO ITEMS 2(d) OR 2(e)
----------------------------------------------------------------
   6    CITIZENSHIP OR PLACE OF ORGANIZATION
           U.S.A.
----------------------------------------------------------------
   NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
----------------------------------------------------------------
   7    SOLE VOTING POWER
                    0
----------------------------------------------------------------
   8    SHARED VOTING POWER
                    61,772
----------------------------------------------------------------
   9    SOLE DISPOSITIVE POWER
                    0
----------------------------------------------------------------
   10      SHARED DISPOSITIVE POWER
                    61,772
---------------------------------------------------------------
   11      AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON
                    61,772
---------------------------------------------------------------
   12      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
        SHARES*
---------------------------------------------------------------
   13      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
                    5.1%
---------------------------------------------------------------
   14      TYPE OF REPORTING PERSON*
                    IN
---------------------------------------------------------------





CUSIP No. 403820103
---------------------------------------------------------------
   1    NAME OF REPORTING PERSONS.
           I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
                 Everest Special Situations Fund L.P.
---------------------------------------------------------------
   2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
           (a) x  (b)
---------------------------------------------------------------
   3    SEC USE ONLY
---------------------------------------------------------------
   4    SOURCE OF FUNDS*
                    N/A
----------------------------------------------------------------
   5    CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
           PURSUANT TO ITEMS 2(d) OR 2(e)
----------------------------------------------------------------
   6    CITIZENSHIP OR PLACE OF ORGANIZATION
           Delaware
----------------------------------------------------------------
   NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
----------------------------------------------------------------
   7    SOLE VOTING POWER
                    0
----------------------------------------------------------------
   8    SHARED VOTING POWER
                    30,524
----------------------------------------------------------------
   9    SOLE DISPOSITIVE POWER
                    0
----------------------------------------------------------------
   10      SHARED DISPOSITIVE POWER
                    30, 524
---------------------------------------------------------------
   11      AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON
                    30,524
---------------------------------------------------------------
   12      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
                SHARES*
---------------------------------------------------------------
   13      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
                    2.5%
---------------------------------------------------------------
   14      TYPE OF REPORTING PERSON*
                    PN
---------------------------------------------------------------





CUSIP No. 403820103
---------------------------------------------------------------
   1    NAME OF REPORTING PERSONS.
           I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
                 Maoz Everest Fund Management Ltd.
---------------------------------------------------------------
   2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                    (a) x   (b)
---------------------------------------------------------------
   3    SEC USE ONLY
---------------------------------------------------------------
   4    SOURCE OF FUNDS*
                    N/A
----------------------------------------------------------------
   5    CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
           PURSUANT TO ITEMS 2(d) OR 2(e)
----------------------------------------------------------------
   6    CITIZENSHIP OR PLACE OF ORGANIZATION
                    Israel
----------------------------------------------------------------
   NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
----------------------------------------------------------------
   7    SOLE VOTING POWER
                    0
----------------------------------------------------------------
   8    SHARED VOTING POWER
                    30,524
----------------------------------------------------------------
   9    SOLE DISPOSITIVE POWER
                    0
----------------------------------------------------------------
   10      SHARED DISPOSITIVE POWER
                    30,524
---------------------------------------------------------------
   11      AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON
                    30,524
---------------------------------------------------------------
   12      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
                SHARES*
---------------------------------------------------------------
   13      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
                    2.5%
---------------------------------------------------------------
   14      TYPE OF REPORTING PERSON*
                    CO
---------------------------------------------------------------





CUSIP No. 403820103
---------------------------------------------------------------
   1    NAME OF REPORTING PERSONS.
           I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) 
                Elchanan Maoz
---------------------------------------------------------------
   2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                    (a) x   (b)
---------------------------------------------------------------
   3    SEC USE ONLY
---------------------------------------------------------------
   4    SOURCE OF FUNDS*
                    N/A
----------------------------------------------------------------
   5    CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
           PURSUANT TO ITEMS 2(d) OR 2(e)
----------------------------------------------------------------
   6    CITIZENSHIP OR PLACE OF ORGANIZATION
                    Israel
----------------------------------------------------------------
   NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
----------------------------------------------------------------
   7    SOLE VOTING POWER
                    0
----------------------------------------------------------------
   8    SHARED VOTING POWER
                    30,524
----------------------------------------------------------------
   9    SOLE DISPOSITIVE POWER
                    0

----------------------------------------------------------------
   10      SHARED DISPOSITIVE POWER
                    30,524
---------------------------------------------------------------
   11      AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON
                    30,524
---------------------------------------------------------------
   12      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
                 SHARES*
---------------------------------------------------------------
   13      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
                    2.5%
---------------------------------------------------------------
   14      TYPE OF REPORTING PERSON*
                    IN
---------------------------------------------------------------




Introduction: As further described in this Amendment No. 6 to this Schedule 13D,
Everest Special Situations Fund L.P.  ("Everest") and Kellogg Capital Group, LLC
("Kellogg") in the aggregate  beneficially own approximately  7.6% of the Common
Stock of Gyrodyne Company of America, Inc. (the "Issuer").

The Reporting  Persons  identified  herein are filing this amendment to disclose
the correspondence  with the Issuer dated May 17, 2005 pursuant to which Kellogg
submitted a proposal under Rule 14a-8 of the Securities Exchange Act of 1934, as
amended,  for  inclusion in  management's  proxy  statement  for the next annual
meeting (the "Proposal"). The Proposal reflects the Reporting Persons' continued
interest in  maximizing  shareholder  value for the  Company's  shareholder  and
requested that the Issuer promptly engage an investment bank to pursue a sale of
the Issuer.  The Proposal is attached hereto as Exhibit A and filed under Item 7
of this Schedule 13D. This  amendment is being made to report the  submission of
the  Proposal  to the Issuer and does not  constitute  the  solicitation  of any
shareholder vote.

THIS AMENDMENT NO. 6 REFLECTS NO CHANGES IN THE PREVIOUSLY  REPORTED HOLDINGS OF
THE REPORTING PERSONS.

                                 AMENDMENT NO. 6
                                     TO THE
                                  SCHEDULE 13D

Item 1.  Security and Issuer

(a)      Class of Securities: Common Stock, par value $1.00 ("Common Stock")

(b)      Issuer: Gyrodyne Company of America, Inc. 102 Flowerfield St. James,
         New York 11780


Item 2.  Identity and Background

(a-c and f) The persons  filing this  statement are Everest  Special  Situations
Fund L.P.  ("Everest"),  a  Delaware  limited  partnership,  Maoz  Everest  Fund
Management  Ltd.  ("MEFM"),  an Israeli  company,  Kellogg  Capital  Group,  LLC
("Kellogg"),  a New York limited  liability  company,  Kellogg Group, LLC, a New
York limited liability company  ("Kellogg  Group"),  Elchanan Maoz, a citizen of
Israel ("Maoz"),  Mr. Charles K. Kellogg, a citizen of the United States and Ms.
Lee Kellogg, a citizen of the United States.  Everest,  MEFM,  Kellogg,  Kellogg
Group,  Maoz,  Mr. Charles K. Kellogg and Ms. Lee Kellogg are referred to herein
collectively  as the  Reporting  Person  or  Reporting  Persons.  The  principal
business  address of Kellogg,  Kellogg Group, Mr. Charles K. Kellogg and Ms. Lee
Kellogg is 55  Broadway,  4th Flr,  New York,  NY 10006.  Ms. Lee Kellogg is the
principal of Kellogg Design Inc, an interior  designer.  The principal  business
address of Everest,  Maoz and MEFM is Platinum House, 21 Ha'arba'a  Street,  Tel
Aviv, 64739 Israel.


Each of Everest and Kellogg is primarily engaged in the business of investing in
securities.  The principal  business of MEFM is acting as the general partner of
Everest.  The Kellogg  Group is the sole interest  holder of Kellogg.  The name,
business address,  present principal occupation or employment and citizenship of
each executive officer,  director and or executive  committee member of MEFM and
Kellogg  is set  forth on  Exhibit  A hereto  which is  incorporated  herein  by
reference. The Kellogg Group has no officers or directors.

Mr.  Elchanan Maoz is the Chairman of Everest and the  controlling  stockholder,
Chairman  and  Chief  Executive  Officer  of  MEFM.  Charles  K.  Kellogg  is  a
controlling  member of the Kellogg Group and the Chief  Executive  Officer and a
member of the Executive  Committee of Kellogg.  Ms. Lee Kellogg is a controlling
member of Kellogg Group. Each of Mr. Charles K. Kellogg, Ms. Lee Kellogg and the
Kellogg  Group  is in a  position  to  directly  and  indirectly  determine  the
investment and voting decisions made by Kellogg. Each of Charles K. Kellogg, Ms.
Lee Kellogg and the Kellogg Group disclaim beneficial ownership of the shares of
the  Issuer's  Common  Stock  beneficially  owned by  Kellogg,  except for their
respective  pecuniary  interest  therein.  Each of Charles K.  Kellogg,  Ms. Lee
Kellogg and the Kellogg Group disclaim beneficial ownership of the shares of the
Issuer's Common Stock beneficially  owned by Everest.  Mr. Elchanan Maoz is in a
position  to  directly  and  indirectly  determine  the  investment  and  voting
decisions made by MEFM, and  consequently  Everest.  Mr. Elchanan Maoz disclaims
beneficial  ownership  of the shares of the Issuer's  Common Stock  beneficially
owned by Everest except for his pecuniary interest therein. Each of Mr. Elchanan
Maoz,  Everest  and MEFM  disclaim  beneficial  ownership  of the  shares of the
Issuer's Common Stock beneficially owned by Kellogg.


The Reporting  Persons may be deemed to be a "group"  within the meaning of Rule
13d-3 under the Securities Exchange Act of 1934, as amended.

(d,e).  During the last five years,  none of the Reporting  Persons,  nor to the
best of their knowledge, any of the Reporting Persons' (if such Reporting Person
is a corporation,  particularly or similar entity) executive officers, directors
(if any) or  executive  committee  members,  has been  convicted  in a  criminal
proceeding  (excluding traffic violations or similar misdemeanors) or has been a
party to a civil  proceeding of a judicial or  administrative  body of competent
jurisdiction  resulting  in its or his being  subject to a  judgment,  decree or
final  order  enjoining   future  violation  of,  or  prohibiting  or  mandating
activities  subject  to,  federal or state  securities  laws or a finding of any
violation with respect to such laws.


Item 5.  Interest in Securities of the Issuer

(a) As of the close of business on May 20, 2005,  the  Reporting  Persons may be
deemed to own beneficially in the aggregate 92,296 shares of the Issuer's Common
Stock,  which constitutes  approximately  7.6% of the outstanding  shares of the
Issuer's  Common Stock (based upon the number of shares that were reported to be
outstanding  in the  Issuer's  Form  10-QSB  for the fiscal  quarter  then ended
January 31, 2005 filed on February 28, 2005). Mr. Elchanan Maoz by virtue of his
status  as a  controlling  stockholder  of Maoz  Everest  Fund  Management  Ltd.
("MEFM"),  the general partner of Everest, may be deemed to own beneficially the
shares of the Issuer's  Common Stock by Everest.  Mr.  Elchanan  Maoz  disclaims
beneficial  ownership of such shares of the Issuer's  Common Stock except to the
extent of his pecuniary  interest therein.  Kellogg Group, LLC ("Kellogg Group")
as the sole  member of Kellogg may be deemed to  beneficially  own the shares of
the Issuer's Common Stock beneficially owned by Kellogg.  Mr. Charles K. Kellogg
and Ms. Lee Kellogg, by virtue of their status as controlling members of Kellogg
Group, may be deemed to own beneficially the shares of the Issuer's Common Stock
beneficially  owned by Kellogg Group, and consequently  Kellogg.  Mr. Charles K.
Kellogg, Ms. Lee Kellogg and Kellogg Group disclaim beneficial ownership of such
shares of the  Issuer's  Common  Stock  except to the extent of their  pecuniary
interest therein.s Common Stock except to the extent of their pecuniary interest
therein.

(b) Each of  Everest,  MEFM and  Kellogg,  respectively,  has the sole or shared
power to vote or to direct the vote and to dispose or to direct the  disposition
of the shares of which it is deemed to beneficially own. Mr. Charles K. Kellogg,
Ms. Lee  Kellogg  and  Kellogg  Group may be deemed to share with  Kellogg  such
powers  with  respect  to  the  shares  of the  Issuer's  Common  Stock  Kellogg
beneficially  owns.  Mr.  Elchanan  Maoz may be deemed  to share  with MEFM such
powers with respect to the shares of the Issuer's common stock MEFM beneficially
owns.

(c) From the date of the last  amendment to Schedule 13D filed February 9, 2005,
there have been no changes in the holdings of the Reporting Persons.


(d) To the best of each of the Reporting Persons' knowledge, except as set forth
herein,  no other  person  has the right to  receive  or the power to direct the
receipt  of  dividends  from,  or the  proceeds  from the sale of, any shares of
common stock which the Reporting Persons may be deemed to own beneficially.

(e) Not applicable.

Item 7. Material to be filed as Exhibits

Exhibit A: Letter from the Kellogg  Capital  Group,  LLC to the Issuer dated May
17, 2005.





After reasonable inquiry and to the best of our knowledge and belief, we certify
that the information set forth in this statement is true, complete and correct.


Dated:  May 23, 2005

EVEREST SPECIAL SITUATIONS FUND L.P.

By:      Maoz Everest
         Fund Management Ltd.,
         Its general partner


         By: /s/ ELCHANAN MAOZ
        -----------------------
         Name:    Elchanan Maoz
         Title:   Chairman and Chief Executive Officer


MAOZ EVEREST FUND MANAGEMENT LTD.

         By:/s/ ELCHANAN MAOZ
        -----------------------
         Name:    Elchanan Maoz
         Title:   Chairman and Chief Executive Officer


        /s/ ELCHANAN MAOZ
         ---------------------
         Elchanan Maoz



KELLOGG CAPITAL GROUP, LLC

         By: /s/ MATTHEW BRAND
        ----------------------------
         Name:    Matthew Brand
         Title:   Managing Director


KELLOGG GROUP, LLC

         By: /s/ MATTHEW BRAND
        ----------------------------
         Name:     Matthew Brand
         Title:   Managing Director



         /s/ CHARLES K. KELLOGG   
         ----------------------------
         Charles K. Kellogg by Matthew Brand,
         Attorney in Fact



        /s/  LEE KELLOGG
        -----------------------------
        Lee Kellogg by Matthew Brand,
        Attorney in Fact







                                                                   EXHIBIT A

May 17, 2005

Peter Pitsiokos
Chief Operating Officer and Secretary
Gyrodyne Company of America, Inc.
102 Flowerfield
St. James, NY 11780

Dear Mr. Pitsiokos:

We have beneficially owned shares of Gyrodyne Company of America, Inc.
("Gyrodyne") valued at more than $2,000 for more than one year and we intend to
continue our ownership through the date of Gyrodyne's next annual meeting. We
are hereby submitting the following proposal and supporting statement pursuant
to Rule 14a-8 of the Securities Exchange Act of 1934 for inclusion in
management's proxy statement for the next annual meeting of stockholders. Please
contact us if you would like to discuss this proposal.

RESOLVED: The stockholders of Gyrodyne request that an investment banking firm
be promptly engaged to pursue a sale of the Company.

                              Supporting Statement

We believe Gyrodyne's shares trade at a significant discount to their intrinsic
value because of the pending eminent domain taking by SUNY of a large part of
Gyrodyne's major asset, the Flowerfield property. Given the uncertainty about
(1) when and how the eminent domain issue will be resolved (2) the amount and
timing of the proceeds to be received from the taking and (3) whether management
will be able to profitably invest the proceeds that would be paid for any
taking, we think this is an appropriate time to hire an investment banker to
find the highest and best bidder for the company.

If you believe the company should explore opportunities to maximize the value of
your shares now, please vote FOR this proposal.

Very truly yours,



/s/ MATTHEW BRAND
Matthew Brand
Managing Director
Kellogg Capital Group, LLC