A sprawling Hudson Valley estate once touted as a modern engineering marvel has seen its price slashed to a quarter of its original ask.
Ledgerock, a 15,000-square-foot mansion perched 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 residence, located in Hyde Park, was initially listed in 2021 by developers Monica and Jacob Frydman for an eye-popping $45 million.
With its all-steel construction, fossilized stone façade and riverfront views, the home was designed to rival the finest luxury properties.
But buyers weren’t biting.
The Frydmans, who reportedly spent years developing the property after purchasing the land for $1.5 million in 2005, no longer own 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 tied to Jacob in 2019.
The Curiam affiliate officially took ownership of the mansion 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 offers to purchase it.”
The house boasts five bedrooms, multiple terraces, and finishes of exotic wood and stone.
It sits on 10.7 acres and includes a two-bedroom guesthouse with a garage and a carwash.
Recent updates include a new roof for the guesthouse, repairs to the geothermal heating system and a modernized security setup.
Despite the Frydmans’ lofty initial expectations, the property struggled to attract serious interest.
When the home first hit the market, Jacob defended the $45 million price, citing its unique location and replacement costs ranging from $29.7 million to $39.6 million. However, even at a reduced asking 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 outlet he was skeptical of the original price.
“I honestly pitched it at $25 million to $28 million,” he said.
In a bid to offload the estate, the Frydmans attempted to auction it in January 2023 without a reserve price, but the event was canceled.
Meanwhile, the median home sale 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 do believe that $11.25 million is a bargain,” Karadus said, adding that the goal is to create competition and drive the price higher.
The property’s dramatic fall from its original asking price underscores the challenges of selling ultra-high-end homes in non-traditional luxury markets.
While Hyde Park is known for historic estates like the Vanderbilt Mansion, few buyers are willing to shell out tens of millions for modern properties in the area.
“Unfortunately,” said Karadus, “I think he [Jacob Frydman] overshot.”