Ledgerock, the modern architectural masterpiece on the river in Dutchess, has seriously slashed its price. Is it a bargain?
By Bill Cary
Perched dramatically on a jagged rock ledge over the Hudson River in Hyde Park, a stunning architectural showpiece known as Ledgerock that resembles more Hollywood Hills architecture than the Hudson Valley’s has come back on the market for $11.25 million, quite the drop from its original eye-popping price of $45 million in 2021.
The sprawling 14,800-square-foot fossilized French limestone and glass compound stands on more than ten very private acres. It offers a main house with five bedrooms and eight bathrooms plus a matching 2,500-square-foot guesthouse with three bedrooms and two baths.
The long list of amenities includes indoor and outdoor pools, a theater room, a spa, a gym, enough garage space for a car collector, exotic wood and stone finishes, multiple fireplaces, a glass-walled great room, a corner primary suite that floats above the river, a dumbwaiter from the main kitchen down to the pool area and a 5,000-square-foot travertine deck with an outdoor kitchen, fire pit and elevated hot tub.
One of the many cool things about this one-of-a-kind estate is that it could never be built again because current set-back laws prohibit building right at water’s edge. Further, because of conservation easements, it has forever open views across the river.
Its current price is a bargain, said listing agent Jason Karadus, broker and owner of Corcoran Country Living, which has six offices in the Hudson Valley. “It’s every bit of a $15 million to $20 million property.”
Designed by acclaimed architect Lee Ledbetter, the mansion was envisioned to feel as though you’re floating on the river. Original owners Jacob and Monica Frydman worked closely with Ledbetter on the design and multi-year buildout, which was completed in 2009.
Karadus had the original listing back in 2021, disagreeing with the owners’ decision to list it at $45 million. “I wanted to price it at $25-$28 million, but he said, ‘I spent more than $25 million to build it,’” Karadus says.
After many rounds of price cuts, the Frydmans sold it last September to Manhattan-based Curiam Capital, a private investment and litigation firm for $11,148,750. Since then, Curiam has invested nearly $300,000 in infrastructure improvements, including a new roof, a repaired geothermal system and an updated security system.
“They’re already in the red,” Karadus said. “They basically put it up for what they paid.”
All of the furniture has been removed, and I think it looks better without the furniture it had. For a 14,000-square-foot-plus main house, it doesn’t feel overly grand, and it’s obviously a great entertaining house. What it needs is just some love and an aesthetic facelift.”
How can $11 million feel like a bargain? But it does.
And…
• The median sale price of a home in Dutchess County was $445,000 in January, up 5.8 percent since last year, according to Redfin. The median sale price per square foot in the county is $251, up 12.8 percent over last year
• In Berkshire County, the 2024 real estate sales pace increased slightly from last year, up one percent in the number of sales and three percent in the dollar volume, according to the county’s realty group. After the peak of pandemic buying in 2020-21, sales in 2022 and 2023 retracted to pre-pandemic levels, but 2024 shows a slight rebound
• In January, the median listing home price in Columbia County was $625,000, up five percent year-over-year, according to realtor.com. The median listing home price per square foot was $303
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