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Schwab House · 11 Riverside Drive
Schwab House
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1920

Schwab House
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IMAGE DATE1920
FromNew York Public Library logoNew York Public Library

Charles M. Schwab Residence, ca. 1920.

This massive, extravagant mansion was the home of steel magnate Charles Schwab. Designed by a relatively unknown French architect, Maurice Hébert, it would take four years to build (1902-1906) and cost of six million dollars. The 75+ room home, called "Riverside" was an eclectic mix of styles both inside and out. The interior included a gym, a bowling alley, a pool, three elevators and furnishing in the styles of Henry IV, Louis XIII, Louis XV and Louis XVI. The exterior was inspired by a number of French chateaus.

The home was so massive that Andrew Carnegie (who had a large mansion of his own on Fifth Avenue) supposedly said, "Have you seen that place of Charlie's? It makes mine look like a shack." Schwab lost his fortune nearly overnight at the start of the Great Depression in 1929. He remained in the home for another ten years, before dying penniless while living in a small apartment on Park Avenue in 1939. In his last years he had attempted up unload the structure, trying to sell it for $4 million and offering it to the city as the mayoral residence (LaGuardia refused). Finally in 1948 the mega mansion was demolished and two years later an 18-story apartment building went up in its place.

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