GROESBECK INVESTMENT MANAGEMENT CORP /NJ/
13F-HR, 1999-05-12
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			UNITED STATES
				SECURITIES AND EXCHANGE COMMISSION
				Washington, D.C.  20549

				FORM 13F

				FORM 13F COVER PAGE

Report for the Calendar Year or Quarter Ended:	March 31, 1999

Check here if Amendment
This Amendment:		is a restatement.
			X	adds new holdings entries.

Institutional Investment Manager filing this report:

Name:		Groesbeck Investment Management Corp.
Address:	140 Route 17 North - Suite 330
		Paramus, NJ  07652

13F File Number:	801-44798
The institutional investment manager filing this report and the person by whom 
it is signed hereby represent that the person signing the 
report is authorized to submit it, that all information contained herein is 
true, correct and complete, and that it is understood that all 
required items, statements, schedules, lists, and tables are considered
 integral 
parts of this form.

Person Signing this Report on Behalf of Reporting Manager:

Name:		Robert P. Groesbeck
Title:		President
Phone:	201-265-7997
Signature, Place, and Date of Signing:

	Robert P. Groesbeck	Paramus, NJ		May 5, 1999

Report Type:
X	13F HOLDING REPORT.

	13F NOTICE.

	13F COMBINATION REPORT.

List of Other Managers Reporting for this Manager:	none

I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE ACT OF 1934.
<PAGE>

			FORM 13F SUMMARY PAGE

Report Summary:

Number of Other Included Managers:		0

Form 13F Information Table Entry Total:		145

Form 13F Information Table Value Total:	$366099134

List of Other Included Managers:
none
<PAGE>
<TABLE>
		
      Name of Issuer                Class     CUSIP # Market Valu#sharesInv. 
DiscrManager Sole (A)   None(C)
  <C> <C>                           <C>           <C>        <C>    <C> <C>       
<C>         <C>        <C>
    D E M C CORP MASS               Common   268648102   16671758 130503Sole      
RPG        31000      99503
    D MERCK & CO INC                Common   589331107   13482313 168266Sole      
RPG                  168266
    D FANNIE MAE                    Common   313586109   13481243 194675Sole      
RPG                  194675
    D JOHNSON & JOHNSON             Common   478160104   12529000 134000Sole      
RPG                  134000
    D FIRST UN CORP                 Common   337358105   10218628 191224Sole      
RPG                  191224
    D SCHERING PLOUGH CORP          Common   806605101    9932071 179766Sole      
RPG                  179766
    D SUNGARD DATA SYS INC          Common   867363103    9926000 248150Sole      
RPG        92000     156150
    D CISCO SYS INC                 Common   17275R102    9661374  88181Sole      
RPG                   88181
    D ABBOTT LABS                   Common     2824100    9497655 202885Sole      
RPG                  202885
    D EXPRESS SCRIPTS INC CL A      Common   302182100    7935858  92344Sole      
RPG        47000      45344
    D INTERPUBLIC GROUP COS IN      Common   460069010    7816703 100375Sole      
RPG                  100375
    D MORGN ST D WITTR DISCV        Common   617446448    7200233  72047Sole      
RPG                   72047
    D CINTAS CORP                   Common   172908105    7119337 108900Sole      
RPG        45000      63900
    D AMERICAN GENERAL CORP         Common    26351106    6909000  98000Sole      
RPG                   98000
    D SUN MICROSYSTEMS INC          Common    86681010    6490269  51896Sole      
RPG                   51896
    D BANC ONE CORP                 Common    59438101    6187594 112373Sole      
RPG                  112373
    D PITNEY BOWES INC              Common   724479100    6094500  95600Sole      
RPG                   95600
    D ALLIANCE CAP MGMT L P         Common    18548107    5847303 231000Sole      
RPG                  231000
    D HILFIGER TOMMY CORP ORD       Common   G8915Z102    5627087  81700Sole      
RPG        50000      31700
    D CLOROX CO DEL                 Common   189054109    5625024  48000Sole      
RPG                   48000
    D MBIA INC                      Common   55262C100    5124300  88350Sole      
RPG        40000      48350
    D AFLAC INC                     Common     1055102    4986520  91600Sole      
RPG        79000      12600
    D AMERICAN INTL GROUP INC       Common    26874107    4886036  40506Sole      
RPG                   40506
    D ECI TELECOM LTD               Common   268258100    4544750 129850Sole      
RPG        90000      39850
    D QWEST COMMUNICATIONS INT      Common   749121109    4470837  62014Sole      
RPG                   62014
    D WATSON PHARMACEUTICALS        Common   942683103    4469862 101300Sole      
RPG        68000      33300
    D AMERICAN PWR CONVERSION       Common     2906610    4326750 160250Sole      
RPG        90000      70250
    D BANKAMERICA CORP              Common   06605F102    4269281  60450Sole      
RPG                   60450
    D CATALINA MARKETING            Common   148867104    4250812  49500Sole      
RPG        45000       4500
    D WILMINGTON TRUST CORP         Common   971807102    4130137  72300Sole      
RPG                   72300
    D FINOVA GROUP INC              Common   317928109    4129250  79600Sole      
RPG        59800      19800
    D HARLEY DAVIDSON INC           Common   412822108    4061576  70790Sole      
RPG        60000      10790
    D PRICE T ROWE & ASSOC.         Common    74147710    3985265 115935Sole      
RPG        70000      45935
    D ASTORIA FINL CORP             Common     4626510    3945000  78900Sole      
RPG        55000      23900
    D KIMCO REALTY CORP             Common   49446R109    3895843 105650Sole      
RPG                  105650
    D BJS WHOLESALE CLUB INC        Common   05548J106    3831172 145600Sole      
RPG       128000      17600
    D SOVEREIGN BANCORP INC         Common   845905108    3792600 309600Sole      
RPG       230000      79600
    D STRYKER CORP                  Common   863667101    3772762  74800Sole      
RPG        65000       9800
    D SANMINA CORP                  Common   800907107    3353250  52600Sole      
RPG        50000       2600
    D NETWORKS ASSOCS INC           Common   640938106    3342076 108905Sole      
RPG        60000      48905
    D AMSOUTH BANCORPORATION        Common    32165102    3299887  72525Sole      
RPG                   72525
    D CONAGRA INC                   Common   205887102    3267187 127500Sole      
RPG                  127500
    D HOME DEPOT INC                Common   437076102    3224550  51800Sole      
RPG                   51800
    D HCR MANOR CARE INC            Common   421937103    3195348 140067Sole      
RPG        88200      51867
    D LINCARE HLDGS INC             Common   532791100    3065625 109000Sole      
RPG        75000      34000
    D MAY DEPT STORES CO            Common   577778103    2939539  75132Sole      
RPG                   75132
    D TELEFLEX INC                  Common   879369106    2895355  85000Sole      
RPG        66000      19000
    D COMVERSE TECHNOLOGY           Common    20586240    2822000  33200Sole      
RPG        33000        200
    D LEXMARK INTL GROUP            Common    52977110    2808062  25100Sole      
RPG        17000       8100
    D STERIS CORP                   Common   859152100    2795625 105000Sole      
RPG       100000       5000
    D NATIONAL CITY CORP            Common   635405103    2747925  41400Sole      
RPG                   41400
    D AMERICAN HOME PRODS CORP      Common    26609107    2499075  38300Sole      
RPG                   38300
    D BANK NEW YORK INC             Common    64057102    2479722  69000Sole      
RPG                   69000
    D SLM HLDG CORP                 Common   863871505    2340087  56050Sole      
RPG                   56050
    D CHEVRON CORPORATION           Common   166751107    2218750  25000Sole      
RPG                   25000
    D UNITED DOMINION REALTY T      Common   910197102    2050000 200000Sole      
RPG                  200000
    D ZEBRA TECHNOLOGIES            Common   989207105    2034187  85650Sole      
RPG        75000      10650
    D BESTFOODS                     Common   08658U101    2016300  42900Sole      
RPG                   42900
    D GOLF TR AMER INC              Common   38168B103    2013750  90000Sole      
RPG                   90000
    D MACK CALI RLTY CORP           Common   129909107    1988687  67700Sole      
RPG                   67700
    D COMPUTER ASSOC INTL INC       Common   204912109    1949883  54829Sole      
RPG                   54829
    D TANGER FACTORY OUTLET CT      Common   875465106    1899112  99300Sole      
RPG                   99300
    D NEW PLAN EXCEL RLTY           Common   648059103    1890018  98500Sole      
RPG                   98500
    D INTEL CORP                    Common   458140100    1854450  15600Sole      
RPG                   15600
    D ALLSTATE CORP                 Common    20002101    1764421  47606Sole      
RPG                   47606
    D MICROSOFT CORP                Common   594918104    1684950  18800Sole      
RPG                   18800
    D BRISTOL-MYERS SQUIBB          Common   110122108    1667250  26000Sole      
RPG                   26000
    D AMERICA ONLINE INC DEL        Common   02364J104    1646400  11200Sole      
RPG                   11200
    D SERVICEMASTER LTD PTSP        Common   817615107    1645576  81011Sole      
RPG                   81011
    D PFIZER INC                    Common   717081103    1542206  11115Sole      
RPG                   11115
    D LEVIATHAN GAS PIPELINE  LP    Common   527367106    1520096  67000Sole      
RPG                   67000
    D BEDFORD PPTY INVS I           Common    76446301    1462500 100000Sole      
RPG                  100000
    D AUTOMATIC DATA PROCESS.       Common    53015103    1441918  34850Sole      
RPG                   34850
    D PIMCO ADVISORS L P UT LTD     Common   69338X105    1405781  44716Sole      
RPG                   44716
    D BUCKEYE PARTNERS L P          Common   118230101    1237150  45400Sole      
RPG                   45400
    D GENERAL ELEC CO               Common   369604103    1171740  10592Sole      
RPG                   10592
    D TEPPCO PARTNERS L P           Common   872384102    1161500  46000Sole      
RPG                   46000
    D PENNFED FINL SVCS INC         Common    70816710    1129600  70600Sole      
RPG                   70600
    D INNKEEPERS USA TR             Common   4576J0104    1117560 120000Sole      
RPG                  120000
    D KANEB PIPE LINE PARTNERS LP   Common   484169206    1116000  36000Sole      
RPG                   36000
    D FRANKLIN RES INC              Common   354613101    1061718  37750Sole      
RPG                   37750
    D REXALL SUNDOWN                Common   761648104    1055340  55000Sole      
RPG        55000          0
    D UNITED STATES FILTER CORP     Common   911843209    1038187  33900Sole      
RPG        22000      11900
    D TOTAL RENAL CARE HLDGS        Common   89151A107    1032900  93900Sole      
RPG        93000        900
    D RFS HOTEL INVS INC            Common   74955J108    1021012  88300Sole      
RPG                   88300
    D KEANE INC                     Common    48666510     959085  45000Sole      
RPG        45000          0
    D VALLEY NATIONAL BANK          Common    91979410     881580  35000Sole      
RPG                   35000
    D LINCOLN NATL CORP IND         Common   534187109     830550   8400Sole      
RPG                    8400
    D WALGREEN CO                   Common   931422109     757100  26800Sole      
RPG                   26800
    D SOUTHTRUST CORP               Common   844730101     714543  19150Sole      
RPG                   19150
    D KINDER MENERGY PAR UT LTD     Common   494550106     692500  20000Sole      
RPG                   20000
    D PARAMETRIC TECHNOLOGY         Common   699173100     671500  34000Sole      
RPG                   34000
    D LAKEHEAD PIPE LINE PARTN      Common   511557100     607500  13500Sole      
RPG                   13500
    D HEINZ H J CO                  Common   423074103     604031  12750Sole      
RPG                   12750
    D ENSCO INTL INC                Common   26874Q100     593759  44600Sole      
RPG                   44600
    D BJ SVCS CO                    Common    55482103     474300  20400Sole      
RPG                   20400
    D BED BATH & BEYOND INC         Common   075896100     445300  12200Sole      
RPG                   12200
    D PROVIDIAN FINL CORP           Common   140186107     429000   3900Sole      
RPG                    3900
    D MOBIL CORP                    Common   607059102     422400   4800Sole      
RPG                    4800
    D DELL COMPUTER                 Common    24702510     367875   9000Sole      
RPG                    9000
    D CAMDEN PPTY TR SH BEN INT     Common   133131102     331278  13385Sole      
RPG                   13385
    D WILLIAMS COS INC DEL          Common   969457100     296250   7500Sole      
RPG                    7500
    D WAL MART STORES INC           Common   931142103     295001   3200Sole      
RPG                    3200
    D COCA COLA CO                  Common   191216100     294600   4800Sole      
RPG                    4800
    D TIDEWATER INC                 Common   886423102     287212  11100Sole      
RPG                   11100
    D PEPSICO INC                   Common   713448108     281761   7190Sole      
RPG                    7190
    D MBNA CORP                     Common   55262L100     270981  11350Sole      
RPG                   11350
    D BELL ATLANTIC CORP            Common    77853109     258440   5000Sole      
RPG                    5000
    D WARNER LAMBERT CO             Common   934488107     258375   3900Sole      
RPG                    3900
    D DOLLAR TREE STORES INC        Common   256747106     250597   8100Sole      
RPG                    8100
    D LILLY ELI & CO                Common   532457108     237650   2800Sole      
RPG                    2800
    D EXXON CORP                    Common   302290101     225801   3200Sole      
RPG                    3200
    D FRIEDMAN BILLINGS RAMSEY      Common   358433100     215353  32200Sole      
RPG                   32200
    D ORACLE CORP                   Common   68389X105     195834   7425Sole      
RPG                    7425
    D MORGAN J P & CO INC           Common   616880100     190614   1545Sole      
RPG                    1545
    D AEGON N V ORD AMER REG        Common     7924103     187119   2082Sole      
RPG                    2082
    D AMERITECH CORP NEW            Common    30954101     178637   3100Sole      
RPG                    3100
    D CITIGROUP INC.                Common    17296710     175656   2750Sole      
RPG                    2750
    D CAMPBELL SOUP CO              Common    13442910     174958   4300Sole      
RPG                    4300
    D INTERNATIONAL BUSINESS M      Common    45920010     165374    933Sole      
RPG                     933
    D TLC THE LASER CTR INC         Common   872934104     138408   4300Sole      
RPG                    4300
    D CEDAR FAIR L P                Common    15018510     135675   5400Sole      
RPG                    5400
    D DAYTON HUDSON CORP            Common   239753106     119925   1800Sole      
RPG                    1800
    D ST JOHN KNITS INC             Common    79028910     118687   4500Sole      
RPG                    4500
    D FLORIDA PROGRESS CORP         Common   341109106     117025   3100Sole      
RPG                    3100
    D WASHINGTON MUT INC            Common    93932210     116861   2859Sole      
RPG                    2859
    D HEALTH CARE PPTY INVS         Common    42191510     115000   4000Sole      
RPG                    4000
    D LUCENT TECHNOLOGIES           Common   549463107     105624    978Sole      
RPG                     978
    D HUBBELL INC CL B              Common    44351020      90080   2252Sole      
RPG                    2252
    D SHERWIN WILLIAMS CO           Common   824348106      90000   3200Sole      
RPG                    3200
    D AIRTOUCH COMMUNICATIONS       Common   00949Y10       88798    919Sole      
RPG                     919
    D BP AMOCO                      Common    55622104      80093    793Sole      
RPG                     793
    D CENDANT CORP                  Common   151313103      79690   5000Sole      
RPG                   14800
    D CENTRAL & SOUTH WEST          Common   152357109      65626   2800Sole      
RPG                    2800
    D GILLETTE CO                   Common    37576610      59438   1000Sole      
RPG                    1000
    D XEROX CORP                    Common   984121103      57337   1100Sole      
RPG                    1100
    D SBC COMMUNICATIONS            Common    78387610      47188   1000Sole      
RPG                    1000
    D BELLSOUTH CORP.               Common     7986010      40063   1000Sole      
RPG                    1000
    D AT&T CORP                     Common     1957109      39906    500Sole      
RPG                     500
    D THERMO ELECTRON CORP          Common    88355610      33907   2500Sole      
RPG                    2500
    D FAMILY GOLF CTRS INC          Common   30701A106      32727   4400Sole      
RPG                    4400
    D EMERSON ELEC CO               Common   291011104      31762    600Sole      
RPG                     600
    D RICHMOND COUNTY FINANCIAL     Common   764556106      15553   1050Sole      
RPG                    1050
    D HARRIS & HARRIS GROUP         Common    41383310      14752   8000Sole      
RPG                    8000
    D POLYDEX PHARMACEUTICALS       Common    73172810       2500   1000Sole      
RPG                    1000
    S REPORT SUMMARY                                    366099134


</TABLE>

			



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