Jacob and Monica Frydman wanted to sell their Hyde Park home on the Hudson River for $45 million when they listed it in 2021. But they’re no longer in charge.
An affiliate of finance litigation firm Curiam Capital listed the home at 46 Ledgerock Lane for a fraction of that asking price, $11.25 million, the Wall Street Journal reported. Curiam is motivated to sell, managing director Lauren Bernstein told the outlet, noting that “holding luxury properties is not our business.”
Curiam’s involvement at the property stems from a $13.2 million loan made to an entity of Jacob, a real estate developer and former chair of United Realty Trust. The firm came into possession of the title of the home in September and has spent hundreds of thousands of dollars on capital improvements, updating the security system and repairing the geothermal system.
The 15,000-square-foot Hudson Valley home sports a patio essentially hovering over the river. The five-bedroom home has a limestone-and-glass facade and was completed in 2010. There’s a separate two-bedroom guesthouse, which also contains a garage and carwash.
The Frydmans paid $1.5 million for the original five-acre parcel in Hyde Park in 2005, ultimately amassing double the land for their estate.
Jacob claimed it cost somewhere between $29.7 million and $39.6 million to upgrade the property, which would’ve more than doubled the Hudson Valley single-family home record had it sold for $45 million; even the listing agent thought the initial listing price was too high.
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The Frydmans tried to sell the home with Concierge Auctions in January 2023, but the platform pulled the no-reserve auction before it could take place without disclosing a reason for the change. Since then, the Frydmans cut the price multiple times, most recently down to $14.5 million.
While an $11.25 million sale wouldn’t be more than a fraction of the initial ask, it would still trump the typical sale seen in Hyde Park, where the median sale price in November was $380,000.