The Charles M. Schwab House
The Schwab House is a large, well-known co-op on the Upper West Side. It has a rich history - both literally and figuratively! Its namesake, Charles Schwab, was a captain of industry at the time he built his opulent mansion here.
Charles Schwab started his career as an engineer working for Andrew Carnegie. In 1897, after slowly moving up the ranks, he became president of Carnegie Steel Company which was sold and became US Steel Corporation. Schwab left Carnegie in 1903 to run Bethlehem Shipbuilding and Steel Company, which soon became the largest producer of steel globally. Needless to say, Schwab was ridiculously wealthy.
Photo: Library of Congress
He called his mansion “Riverside” and it took 4 years to complete. It was under construction from 1902-1906 and cost $6 million dollars! It was a Beaux Arts structure completed with pink granite. It had 75 rooms and was surrounded by lush lawns and private gardens overlooking the North River, which is what we know today as the Hudson. At this time, all of New York’s elite were building their mansions on Fifth Avenue, so it was unheard of for anyone to build in this area! Andrew Carnegie, upon seeing the mansion, is said to have commented, “Have you seen that place of Charlie’s? It makes mine look like a shack.”
Photo: NYPL Digital Collection
Photo: NYPL Digital Collection
Unfortunately, Charlie’s luck ran out after the Wall Street crash of 1929. He died penniless in 1939 and his “Riverside” estate sat empty for years as it was an unsellable white elephant. It was suggested that this property be used as the mayoral mansion. Mayor Fiorello LaGuardia rejected this idea, saying that the mansion was too opulent. Many years later a development company purchased the land and demolished the mansion making way for the Schwab House that we know today - a red brick building spanning the entire block from 73rd Street to 74th Street, on West End Avenue and Riverside Drive.
The Schwab House today. Photo: Chris Baker
Although the Schwab House of today has some very luxurious apartments, the building pales in comparison to the grandeur that once stood in its place.
