if you’ve clicked on this you’re already wondering why would New York City the Big Apple City of Dreams destroy one of its most prized architectural gems adorned with intricate Stone carvings and lavished with bronze details the Charles M Schwab Mansion was once a crown jewel that stood grandly on the growing Manhattan skyline resplendant in its bow art style the Mansion completed in 1906 was the epitome of Gilded Age opulence each one of its 75 rooms showcased the finest EX examples of artisan craftsmanship frescoed ceilings
that told Tales of centuries long gone hand laid Mosaic floors reflecting the glittering chandeliers above and walls of mahogany and imported silk that whispered stories of the privileged few who had crossed their thresholds Gardens designed by the famed landscape architect Charles wford levit surrounded this massive Abode creating a sanctuary of Tranquility amidst the constant bustle of the city the Charles M Schwab Mansion was an a inspiring residential Monument to an Era when the city’s Elite like its steel magnate owner wielded
their wealth with an ostentatious Display of Power of course with all of this once standing in beautiful Granite reality one can’t help but wonder how did such a remarkable Monument to excess meet its fateful end in a cloud of dust and Rubble replaced by cheap apartments in today’s video at Old Money Mansions we’ll tell you the true rags to riches to rags story of its Builders what possessed them to build such a palacial Abode in what would become the center of America’s largest city and how it sadly met its final demise as we describe why
New York’s most opulent Mansion was demolished for cheap apartments Charles M Schwab it’s a name that’s more than just a name it’s a symbol a snapshot of a time when the clang of metal and the glow of molten steel with the Beating Heart of America born in 1862 to a blanket manufacturer in the quaint burough of Williamsburg pen pania little did anyone suspect that this modest lad Would One Day become a Titan of the steel industry life began simply for Schwab his hands learning the gritty texture of honest labor at Edgar
Thompson steelworks an Enterprise owned by the formidable Andrew Carnegie but it was soon clear that Schwab was not one to be confined within the Maze of machines and molten metal his people skills and harmonious leadership style caused him to climb the ranks reaching the Zenith as the president of Carnegie Steel yet this was only the beginning Schwab would become the first president of the United States Steel Corporation masterminded by the legendary JP Morgan before setting up Bethlehem Steel which would claim its own spot as the second
largest steel producer in America even though wealth poured in Schwab remained warm-hearted known for his down-to-earth Charisma and ability to connect with people amidst all this he found love and married Emma urana dinki in 1883 the future urana Schwab grew up in the modest charm of Weatherly Pennsylvania a far cry from the opulent life that would eventually unfurl before her as the spouse of one of the wealthiest individuals on the globe her life took a dramatic turn in 1883 when she crossed paths with Charles M Schwab who was then
residing in bradock Pennsylvania during his tenure at the Edgar Thompson steel works as the Schwab Fortune swelled urana with Grace and adaptability transitioned into their increasingly luxuous ious lifestyle she was by Charles side at glittering social events and within the lavish walls of their opulent residences and urana wasn’t simply a silent partner in their matrimonial Bliss when Charles stood on the precipice of a Monumental $50 million offer for half of the Bethlehem Steel company he sought uran’s Council
seeing her as a shared partner in the business claim this detail not only sheds light on their marital Dynamic but also suggests that uran Schwab played an active and influential role in their fiscal decisions sharing in their triumphs and navigating their vast wealth together it paints a picture of a woman who was more than just a companion she was a confidant a partner and at times Cog in the Schwab Empire before the Grandeur of the subject of today’s video the 75 room Mansion Riverside in Manhattan’s Upper West Side Schwab
resided in a stately house in bradic Pennsylvania a stunning creation of brick and Sandstone built between 1890 and 1893 it showcased Schwab’s status as the superintendent of the nearby Edgar Thompson’s steelworks tennis courts green houses a carriage house and a stone porch provided a canvas for leisure while the Interiors were a masterclass in Oak paneling a grand staircase wide stained glass windows and ornate fireplaces soon Charles M Schwab set his sights on a Grand Vision a contemporary Mansion a cuttingedge sanctuary standing
in defiance of the traditional Grandeur of Fifth Avenue his eyes landed on a coveted plot on Riverside Drive nestled between 73rd and 74th streets the perfect canvas for his modern chatau now urana initially bulked at the idea of uprooting so far from her Social Circles a Bonafide socialite who enjoyed the glamour of Central Park balls she feared isolation from her close-knit community of friends Charles however comforted her with a promise that their forthcoming home would be an irresistible lure for any guest subsequently Schwab in his
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daring pursuit of architectural Grandeur appointed Morris Hebert an architect yet to secure a significant reputation with the a inspiring task of Designing his Boart inspired Palace over an intense period of four years this a striking Monument of pink Granite began to emerge a true Testament to the ambitious Vision that guided it the Boart style steeped in the robust traditions of ancient Roman and Greek Aesthetics was widely favored in the United States from the late 19th to the early 20th Century it reflected an amalgamation of classical
elements and the glamour of modernity striking an impressive balance between the two these Grand Mansions were symmetrical in design hearkening back to the classical emphasis on Harmony and balance the Interiors were thoughtfully structured with a clear demarcation between formal entrances grand staircases and the intimate quarters designed for daily living classic Greek and Roman architectural elements like columns pediments and cornices were employed to infuse a sense of of timelessness and sophistication elaborate ornamentation was
characteristic of boar with intricate sculptural reliefs freezes and moldings adorning the surfaces statues and Figures were often incorporated into the facades amplifying the Grandeur and opulence of the design the first floor of these palaces was usually elevated bestowing upon it an air of prominence and importance materials like Limestone marble or Granite were predominantly used enhancing their imposing and or inspiring Visage in particular the Gilded Age saw the rise of various Bo Arts Marvels like the Vanderbilt mansion
the so-called triple Palace in New York City the Henry Morrison Flagler Museum AKA whiteall in Palm Beach and the breakers mansion in Newport Rhode Island these Mansions were designed to be dazzling emblems of wealth flaunting Sumptuous Interiors grand staircases elaborate Woodwork and extravagant Furnishings additionally the Bozart style was not only limited to private residences but also extended to public edifices like libraries museums and government offices it was seen as a manifestation of prestige and civic
pride adding to the architectural Allure of the urban landscape now back to our audacious Schwab Mansion a staggering $3 million each was spent on the house and its Furnishings a total of $6 million or a jaw-dropping $200 million in today’s currency so magnificent was this 75 room mansion that even Schwab’s Ur while boss and arguably the second richest man in American history Andrew Carnegie conceded have you seen that place of Charlie’s it makes mine look like a shack indeed nothing less than bespoke would suffice for Schwab over a 100
Artisans designers and Engineers were employed to meticulously craft every detail of the Mansion noteworthy works of art were recreated in house and even Schwab’s collection of tapestries took a detour to the 1904 World’s Fair before adorning his residence the mansion boasted marble pillars South American mahogany paneling a custom Chapel large enough to accommodate an orchestra a bowling alley and a glazed brick pool a home gym of unprecedented scale and an art gallery filled with $50 million worth of art a quarter of the mansion’s
overall budget added to its Splendor other remarkable features included a power plant air conditioning and six elevators luxuries unheard of in even the most elite homes of the era confirming Schwab’s Mansion as a groundbreaking Beacon of modernity however despite the glory of his domicile soon Schwab’s personal life began to unravel notorious for his flamboyant lifestyle Grand parties high stakes gambling and multiple extramarital Affairs his Antics including fathering a child out of wedlock strained his relationship with
urana his extravagant expenditures and risky Ventures including a memorable instance of breaking the bank at the Monte Carlo Casino in Monaco led to the depletion of his fortune once estimated between $25 million and $40 million equivalent to 500 million and 800 million in today’s currency his Mansion an incarnation of his Innovative spirit and love for luxury also served as a backdrop to his tumultuous personal life however it was through these troubles that we can with hindsight at our sides see the extravagant Charles M
Schwab Mansion was on a calamitous trajectory towards its demise urana Charles’s wife whose social life had been promised to burgeon in the mansion additionally found herself sinking into an engulfing Melancholy gradually she shunned the social mure seeking Solace within the grand walls of her Mansion distancing herself from the city’s Glitz and Glam even declining prestigious invites including those from the White House the burgeoning isolation paralleled her physical transformation urana who was once the radiant Bell of
society was becoming overweight and the stigma associated with her changing appearance pushed her further into her self-imposed Exile thus the Mansion once alive with energy and laughter became a sanctuary of solitude in 1917 with World War I ravaging the world urana breathed life back into the Mansion opening its Grandeur to the Red Cross allowing the vast space to contribute to the war effort however the Schwab’s Endeavor to reclaim a sense of normality was abruptly disrupted by the cataclysm that was the Great Depression Charles Ur
while a Titan of Industry witnessed his fortune in evaporating overnight desperate he listed the Mansion on the market for 4 million roughly 71 million in today’s dollars with no buyers forthcoming and the maintenance of the Mansion turning insurmountable Charles found himself marooned within his own architectural Masterpiece in 1939 Charles now merely a walking echo of his former glory packed his possessions and moved to a modest Park Avenue Apartment A year later he passed away leaving behind a legacy diminished to Mere
pennies the Mansion once the Pinnacle of luxury and opulence stood eerily abandoned although there were deliberations about repurposing the Mansion for government use the mayor refuted the idea deeming the Mansion too grandiose for such functionality sadly the dismantling of the Charles M Schwab Mansion began in 1948 its ornate mahogany doors and exquisitely carved marble pilasters were salvaged and later installed in Brooklyn’s Our Lady of Lebanon Cathedral the mansion’s former glory was replaced by a large red brick
apartment complex aptly named the Schwab house the 19 story 636 unit Schwab house was completed in 1950 and transitioned from rental to co-op in 1984 marking the final chapter of the Charles M Schwab mansion’s Legacy and after that wild ride we’d love to see you in the comments with your thoughts do you think we should work harder to stop these buildings from being destroyed and which Mansion should we feature next we can’t wait to hear from you and as always thank you for joining us for another episode of old money Mansions cheers
until next time
