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May 10, 2007

by Judy Silberstein, with photography by Fred Levine

The view from Larchmont and Mamaroneck west was suddenly transformed last year when two of New Rochelle’s highest-rising residential towers began appearing above the tree-tops. For some, the towers’ appearance was an unsettling shock; for others it was an inspiration to move a few miles away and many stories up.

Among those trading in suburban Larchmont for new-urban New Rochelle is Roger Holden. He grew up in Larchmont on Bayard Street and for the past eight years has owned a home with his wife Elizabeth on Spanish Cove overlooking the water. Recently, the Holdens purchased a 3-bedroom, 3-bath apartment on the 30th floor of the 40-story Trump Plaza at 145 Huguenot Street.

“I wanted to stay in the area, and have a condominium that was low maintenance,” explained Mr. Holden. As an investment manager able to work wherever his computer and phone can function, he now splits his time between Reno, Nevada and Larchmont. Psychologically, though, it is becoming hard to maintain two houses, he said.

“I’ve never lived in an apartment building – much less a high rise,” said Mr. Holden. His unit, still under construction, occupies the entire eastern side of the building, so the family will have unobstructed views of Long Island Sound and Larchmont.

Lower taxes were another part of the equation, Mr. Holden admitted. The three-bedroom apartments are selling for $1.4 to $1.8 million, and real estate taxes on the Holden unit will run around $7200 per year, a fraction of the tax on a comparably assessed home in Larchmont. Mr. Holden estimates he will save a lot on energy costs as well, given that the apartment is insulated on three sides by neighboring units or common spaces.

This unit on the 30th floor of the Trump Plaza commands views to the east, north and south.

Another plus is the proximity to Larchmont. Mr. Holden expects to maintain ties with the Larchmont Fire Department and continue serving as treasurer for the Flint Park Conservancy. “I’ll probably keep my Larchmont P.O. box,” he said, ensuring regular runs back to the village. Schools are not an issue: his daughter Lauren graduates this year from Mamaroneck High School, and his son Jeffrey is in college. “I wouldn’t have made the move while they were still in school,” he said.

A far view of the Sound Shore harbors, as seen from the Trump Plaza.

The Holdens are the only Larchmont family to have bought a unit so far, but there are 7 from Mamaroneck and another 34 from New Rochelle, reported Marge Schneider, who is marketing the Trump Plaza for Louis Capelli. One Mamaroneck family has purchased three units, one for the parents and the other two for adult children.

Trump Plaza is visible from Larchmont Manor. Photo by Rosemary Mancino.

She said it is typical to get 80% empty nesters for this type of building, “but here it’s 65% young married and singles. They’re buying here because of the great commute to Manhattan and the emerging neighborhood.” The New Rochelle train station is two blocks from the new tower.

The neighborhood was a draw for the Holdens as well. “The other reason I considered New Rochelle,” said Mr. Holden, “is that I am a firm believer that the critical mass will be reached in the not too distance future in which there will be more retail options of all sorts – restaurants, more upscale stores. I’m assuming that it’s going to progress the way White Plains is. Once it’s all done, it should be a very nice, compact vibrant downtown area, I would think.”