Unassociated Document
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No.  )

Gyrodyne Company of America, Inc.


(Name of Issuer)

COMMON STOCK
(Title of Class of Securities)

403820-10-3
(CUSIP Number)


December 22, 2008
(Date of Event Which Requires Filing of this Statement)
 




Check  the appropriate box to designate the rule pursuant to which this Schedule is  filed:

o
Rule  13d-1(b)
x
Rule  13d-1(c)
o
Rule  13d-1(d)



     *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. 403820-10-3


1) 
Names  of  Reporting  Persons.
 
Gerard Scollan
 
I.R.S.  Identification  Nos.  of  Above  Persons  (entities  only)

 
2) 
Check  the  Appropriate  Box  if  a  Member  of  a  Group 
 (a)  o
 
(See  Instructions)
 (b)  o
 
 
3) 
SEC  Use  Only

 
4) 
Citizenship  or  Place  of  Organization
 
United States Citizen
 
 
Number  of  Shares
 5) 
Sole  Voting Power:    2,255
Beneficially
    
Owned  by  Each  
 6)  Shared  Voting  Power:    96,994
Reporting  
    
Person  With 
 7)  Sole  Dispositive  Power:    2,255
     
  8)  Shared  Dispositive  Power:    99,249
     
 
9) 
Aggregate  Amount Beneficially Owned by Each Reporting Person
   
  99,249
 
10) 
Check  if  the  Aggregate  Amount  in  Row  (9)  Excludes Certain  Shares  (See  Instructions)  
o
 

 
11) 
Percent  of  Class  Represented  by  Amount  in  Item  9
   
  7.69%
 
12) 
Type  of  Reporting  Person  (See  Instructions)
   
  IN
 
 
ITEM  1.

(A)     NAME  OF  ISSUER
Gyrodyne Company of America, Inc.

(B)     ADDRESS  OF  ISSUER'S  PRINCIPAL  EXECUTIVE  OFFICE
1 Flowerfield
Suite 24
St. James, New York  11780

ITEM  2.

(A)     NAME  OF  PERSONS  FILING

Scollan, Gerard
(B)  ADDRESS  OF  PRINCIPAL  BUSINESS  OFFICE  OR  IF  NONE,  RESIDENCE

80 Brown’s River Road
Sayville, New York  11782

(C)     CITIZENSHIP
United States Citizen

(D)  TITLE  OF  CLASS  OF  SECURITIES
         Common Stock

(E)     CUSIP  NUMBER

403820-10-3


ITEM  3.

     If  this statement is filed pursuant to rule 240.13d- 1(b), or 240.13d-2(b) or  (c),  check  whether  the  person  filing  is  a:

     (a)  ___ Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

     (b)  ___  Bank  as  defined  in section 3(a)(6) of the Act (15 U.S.C. 78c).

     (c)  ___  Insurance  company  as defined in section 3(a)(19) of the Act (15 U.S.C.  78c).

     (d)  ___  Investment  company  registered under section 8 of the Investment Company  Act  of  1940  (15  U.S.C.  80a-8).

     (e)  ___  An investment adviser in accordance with 240.13d- 1(b)(1)(ii)(E).

     (f)  ___  An  employee  benefit  plan  or endowment fund in accordance with 240.13d-1(b)(1)(ii)(F).

     (g)  ___  A  parent  holding  company  or control person in accordance with 240.13d-1(b)(1)(ii)(G)

     (h)  ___  A  savings  association as defined in section 3(b) of the Federal Deposit  Insurance  Act  (12  U.S.C.  1813).

     (i)  ___  A  church  plan  that  is  excluded  from  the  definition  of an investment  company  under  section 3(c)(14) of the Investment Company Act  of  1940  (15  U.S.C.  80a-3).

     (j)  ___  Group,  in  accordance  with  section  240.13d-1(b)(1)(ii)(J).


ITEM 4. 
OWNERSHIP.

     Provide  the  following  information  regarding  the  aggregate  number and percentage  of  the  class  of  securities  of  the issuer identified in Item 1.

     (a)  Amount  beneficially  owned:  99,249
 
 
     (b)  Percent of class: 7.69%


     (c)  Number  of  shares  as  to  which  the  person  has:

     (i)  Sole  power  to  vote  or  to direct the vote: 2,255

     (ii) Shared  power  to  vote or to direct the vote: 96,994

     (iii) Sole power to dispose or to direct the disposition of: 2,255

     (iv) Shared power to dispose or to direct the disposition of: 96,994
 
ITEM 5. 
OWNERSHIP  OF  FIVE  PERCENT  OR  LESS  OF  A  CLASS

If  this  statement is being filed to report the fact that as of the date hereof the  reporting  person  has  ceased to be the beneficial owner of more than five percent  of  the  class  of  securities,  check  the  following  o.
 
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
 
N/A
 
ITEM 9. 
NOTICE  OF  DISSOLUTION  OF  GROUP

N/A

 
ITEM  10.     CERTIFICATION.

By  signing  below we certify that, to the best of our 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 the securities and were not acquired and are not held in connection with or as a participant  in  any  transaction  having  that  purpose  or  effect.

Dated: 01/28/09
 
 
 
 
 
By:
/s/ Gerard Scollan  
    Name: Gerard Scollan  
    Title: