Hey, he's a friend and friends are awesome.
It'll be okay.
Yeah, it will definately be ok.
My best friend (who is gay) and I have known each other since we were 15, about 43 years ago.
When we were around 20 we got drunk one night, and I made a pass at him. He didn't freak out, just, well I don't remember exactly, but rebuffed my pass. The next day when we saw each other I felt awkward for about 30 seconds, he didn't appear to notice anything was different, so I just forgot about it.
Hey, he's gay. He's most likely had, and will have in the future, someone of another gender confess feelings for him. I would bet he would tell you he feels flattered, but of course didn't feel the same way physically about you.
My feelings are if you're gay or lesbian, you would appreciate your good friends, as they know so many people dislike or even hate them just for being who they are. They aren't going to stop being friends with someone just because there's a temporary chemistry on the other persons part.
It'll be fine.