Exhibit
31.1





Rule
13a-14(a)/15d-14(a) Certification





I,
Stephen V. Maroney, certify that:





1.   I
have reviewed this annual report on Form 10-K of Gyrodyne Company of America,
Inc. (the “Company”);





2.   Based
on my knowledge, this report does not contain any untrue statement of a material
fact or omit to state a material fact  necessary to make the
statements made, in light of the circumstances under which such statements were
made, not misleading with  respect to the period covered by this
report;





3.   Based
on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects the financial
condition, results of operations and cash flows of the registrant as of, and
for, the periods presented in this report;





4.   As
the Company's sole certifying officer, I am responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules
13a-15(e) and 15d-15(e)) and internal control over financial reporting (as
defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and
have:





(a)   Designed
such disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under my supervision, to ensure that material
information relating to the Company, including its consolidated subsidiaries, is
made known to me by others within those entities, particularly during the period
in which this report is being prepared;





(b)   Designed
such internal control over financial reporting, or caused such internal control
over financial reporting to be designed under my supervision, to provide
reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with
generally accepted accounting principles;





(c)   Evaluated
the effectiveness of the Company's disclosure controls and procedures and
presented in this report my conclusions about the effectiveness of the
disclosure controls and procedures, as of the end of the period covered by this
report based on such evaluation; and





(d)   Disclosed
in this report any change in the Company's internal control over financial
reporting that occurred during the Company's most recent fiscal quarter that has
materially affected, or is reasonably likely to materially affect, the Company's
internal control over financial reporting; and





5.   As
the Company's sole certifying officer, I have disclosed, based on my most recent
evaluation of internal control over financial reporting, to the Company's
auditors and the audit committee of the Company's board of directors (or persons
performing the equivalent functions):





(a)   All
significant deficiencies and material weaknesses in the design or operation of
internal control over financial reporting  which are reasonably likely
to adversely affect the Company's ability to record, process, summarize and
report financial information; and





(b)   Any
fraud, whether or not material, that involves management or other employees who
have a significant role in the Company's internal control over financial
reporting.







Date:
March 30,
2009


/s/ Stephen V. Maroney


Stephen V. Maroney,


President,
Chief Executive Officer and Chief Financial Officer