A huge Hudson Valley estate once touted as a modern engineering marvel has seen its price slashed to a quarter of its original asking price.
Ledgerrock, a 15,000-square-foot mansion located on the banks of the Hudson River, is back on the market for $11.25 million after failing to sell for three years, according to the Wall Street Journal.
The limestone-clad mansion, located in Hyde Park, was first listed in 2021 by developers Monica and Jacob Frydman for $45 million.
With its all-steel construction, fossilized stone facade and riverside views, the home was designed to rival the finest luxury estates.
But buyers weren’t biting.
The Frydman family, which reportedly spent years developing the property after purchasing the land for $1.5 million in 2005, no longer owns the home. The current seller is an affiliate of Curiam Capital, a litigation finance firm that foreclosed on the property after lending $13.2 million to an entity associated with Jacob in 2019.
The Curiam subsidiary officially took ownership of the residence in September 2024.
“Holding luxury properties is not our business,” Lauren Bernstein, a managing director at Curiam Capital, told the Journal. “We want someone who would enjoy the property and its views and all the Hudson Valley has to offer to buy it.”
The home boasts five bedrooms, multiple terraces and exotic wood and stone finishes.
It is spread over 10.7 hectares and includes a two-bedroom guest house with a garage and a laundry.
Recent updates include a new roof for the inn, repairs to the geothermal heating system and an upgraded security system.
Despite the Frydmans’ initial high expectations, the property struggled to attract serious interest.
When the home first went on the market, Jacob defended the $45 million price tag, citing its unique location and replacement costs ranging from $29.7 million to $39.6 million. However, even with a reduced price of $14.5 million, the mansion failed to sell.
Real estate agent Jason Karadus, who now represents the listing with Corcoran Country Living, admitted to the media that he was skeptical of the original price.
“I honestly put it at $25 million to $28 million,” he said.
In an attempt to offload the estate, the Frydmans attempted to auction it in January 2023 without a reserve price, but the event was cancelled.
Meanwhile, the median home sales price in the area was just $380,000 in November 2024, according to Redfin. Ledgerock is now priced to move, with Curiam opting for a low-ball strategy to generate buzz.
“I really believe $11.25 million is a bargain,” Karadus said, adding that the goal is to create competition and raise the price.
The property’s dramatic drop from its original asking price underscores the challenges of selling high-end homes in non-traditional luxury markets.
While Hyde Park is known for historic properties like the Vanderbilt Mansion, few buyers are willing to spend tens of millions on modern properties in the area.
“Unfortunately,” Karadus said, “I think he [Jacob Frydman] exceeded.”
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