GROESBECK INVESTMENT MANAGEMENT CORP /NJ/
13F-HR, 1999-11-01
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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:	September 30, 1999

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

Institutional Investment Manager filing this report:

Name:		Groesbeck Investment Management Corp.
Address:	12 Route 17 North - Suite 130
		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:	201-291-7888
Signature, Place, and Date of Signing:

	Robert P. Groesbeck	Paramus, NJ		November 1, 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:		131

Form 13F Information Table Value Total:	$331152227

List of Other Included Managers:
none
<PAGE>
<TABLE>
        Name of Issuer                  Class   CUSIP # Fair Mkt Va#sharesInv. DiscrManager Sole (A)   None(C)
<C>     <C>                              <C>        <C>        <C>    <C>    <C>      <C>   <C>            <C>
D       E M C CORP MASS                Common  268648102   14917803 209006   Sole     RPG      31000     178006
D       JOHNSON & JOHNSON              Common  478160104   12334219 134250   Sole     RPG                134250
D       FANNIE MAE                     Common  313586109   11964005 190850   Sole     RPG                190850
D       MERCK & CO INC                 Common  589331107   11249333 173566   Sole     RPG                173566
D       CISCO SYS INC                  Common  17275R102   10551023 153888   Sole     RPG                153888
D       SUN MICROSYSTEMS INC           Common   86681010    9193050  98850   Sole     RPG                 98850
D       SUNGARD DATA SYS INC           Common  867363103    8229391 312750   Sole     RPG     125000     187750
D       INTERPUBLIC GROUP COS IN       Common  460069010    7893944 191950   Sole     RPG                191950
D       SCHERING PLOUGH CORP           Common  806605101    7632892 174966   Sole     RPG                174966
D       ABBOTT LABS                    Common    2824100    7546171 205685   Sole     RPG                205685
D       EXPRESS SCRIPTS INC CL A       Common  302182100    7517399  96069   Sole     RPG      47000      49069
D       AMERICAN PWR CONVERSION        Common    2906610    6836200 359800   Sole     RPG     180000     179800
D       FIRST UN CORP                  Common  337358105    6479261 181874   Sole     RPG                181874
D       CINTAS CORP                    Common  172908105    6376774 110300   Sole     RPG      45000      65300
D       MORGN ST D WITTR DISCV         Common  617446448    6373553  71462   Sole     RPG                 71462
D       AMERICAN GENERAL CORP          Common   26351106    6198500  98000   Sole     RPG                 98000
D       ALLIANCE CAP MGMT L P          Common   18548107    6008922 219000   Sole     RPG                219000
D       LEXMARK INTL GROUP             Common   52977110    5836250  72500   Sole     RPG      46000      26500
D       PITNEY BOWES INC               Common  724479100    5825673  95600   Sole     RPG                 95600
D       HILFIGER TOMMY CORP ORD        Common  G8915Z102    5321894 188800   Sole     RPG     106000      82800
D       CATALINA MARKETING             Common  148867104    5290211  62375   Sole     RPG      45000      17375
D       SERVICEMASTER LTD PTSP         Common  817615107    5088132 316761   Sole     RPG     200000     116761
D       COMVERSE TECHNOLOGY            Common   20586240    4960864  52600   Sole     RPG      49500       3100
D       BJS WHOLESALE CLUB INC         Common  05548J106    4635478 156800   Sole     RPG     128000      28800
D       DOLLAR TREE STORES INC         Common  256747106    4622824 115750   Sole     RPG      75000      40750
D       TELEFLEX INC                   Common  879369106    4610302 116900   Sole     RPG      76900      40000
D       SANMINA CORP                   Common  800907107    4139563  53500   Sole     RPG      50000       3500
D       PRICE T ROWE & ASSOC.          Common   74147710    3989485 145400   Sole     RPG      85000      60400
D       ZEBRA TECHNOLOGIES             Common  989207105    3903514  85850   Sole     RPG      75000      10850
D       AFLAC INC                      Common    1055102    3902750  93200   Sole     RPG      78000      15200
D       WATSON PHARMACEUTICALS         Common  942683103    3857051 126200   Sole     RPG      80000      46200
D       AMERICAN INTL GROUP INC        Common   26874107    3832662  44085   Sole     RPG                 44085
D       KIMCO REALTY CORP              Common  49446R109    3785925 105900   Sole     RPG                105900
D       ECI TELECOM LTD                Common  268258100    3778498 153050   Sole     RPG      95000      58050
D       HARLEY DAVIDSON INC            Common  412822108    3749218  74890   Sole     RPG      60000      14890
D       COMPUTER ASSOC INTL INC        Common  204912109    3708698  60674   Sole     RPG                 60674
D       HOME DEPOT INC                 Common  437076102    3643988  53100   Sole     RPG                 53100
D       CLOROX CO DEL                  Common  189054109    3595500  94000   Sole     RPG                 94000
D       BANC ONE CORP                  Common   59438101    3589046 103095   Sole     RPG                103095
D       WILMINGTON TRUST CORP          Common  971807102    3511105  72300   Sole     RPG                 72300
D       FINOVA GROUP INC               Common  317928109    3175500  87000   Sole     RPG      59800      27200
D       LINCARE HLDGS INC              Common  532791100    3097427 116200   Sole     RPG      75000      41200
D       CONAGRA INC                    Common  205887102    2926421 129700   Sole     RPG                129700
D       SOVEREIGN BANCORP INC          Common  845905108    2901895 319100   Sole     RPG     230000      89100
D       QWEST COMMUNICATIONS INT       Common  749121109    2890375  97770   Sole     RPG                 97770
D       AMSOUTH BANCORPORATION         Common   32165102    2832154 120836   Sole     RPG                120836
D       BANKAMERICA CORP               Common  06605F102    2762125  49600   Sole     RPG                 49600
D       BED BATH & BEYOND INC          Common  075896100    2714683  77700   Sole     RPG      57500      20200
D       ASTORIA FINL CORP              Common    4626510    2664488  86650   Sole     RPG      55000      31650
D       MAY DEPT STORES CO             Common  577778103    2586442  70982   Sole     RPG                 70982
D       MICROSOFT CORP                 Common  594918104    2472370  27300   Sole     RPG                 27300
D       INTEL CORP                     Common  458140100    2333428  31400   Sole     RPG                 31400
D       BANK NEW YORK INC              Common   64057102    2307222  69000   Sole     RPG                 69000
D       UNITED DOMINION REALTY T       Common  910197102    2237600 200000   Sole     RPG                200000
D       CHEVRON CORPORATION            Common  166751107    2218750  25000   Sole     RPG                 25000
D       TANGER FACTORY OUTLET CT       Common  875465106    2206017  96700   Sole     RPG                 96700
D       BESTFOODS                      Common  08658U101    2117347  43600   Sole     RPG                 43600
D       NATIONAL CITY CORP             Common  635405103    1996262  74800   Sole     RPG                 74800
D       MACK CALI RLTY CORP            Common  129909107    1815240  67700   Sole     RPG                 67700
D       GOLF TR AMER INC               Common  38168B103    1777500  90000   Sole     RPG                 90000
D       BRISTOL-MYERS SQUIBB           Common  110122108    1755000  26000   Sole     RPG                 26000
D       NEW PLAN EXCEL RLTY            Common  648059103    1736768  97500   Sole     RPG                 97500
D       BEDFORD PPTY INVS I            Common   76446301    1687500 100000   Sole     RPG                100000
D       AUTOMATIC DATA PROCESS.        Common   53015103    1555181  34850   Sole     RPG                 34850
D       LEVIATHAN GAS PIPELINE  LP     Common  527367106    1524250  67000   Sole     RPG                 67000
D       PIMCO ADVISORS L P UT LTD      Common  69338X105    1408554  44716   Sole     RPG                 44716
D       GENERAL ELEC CO                Common  369604103    1255819  10592   Sole     RPG                 10592
D       BUCKEYE PARTNERS L P           Common  118230101    1225800  45400   Sole     RPG                 45400
D       AMERICA ONLINE INC DEL         Common  02364J104    1175912  11300   Sole     RPG                 11300
D       SLM HLDG CORP                  Common  863871505    1123375  26125   Sole     RPG                 26125
D       SOUTHTRUST CORP                Common  844730101    1090600  30400   Sole     RPG                 30400
D       KANEB PIPE LINE PARTNERS LP    Common  484169206    1039500  36000   Sole     RPG                 36000
D       RFS HOTEL INVS INC             Common  74955J108    1015450  88300   Sole     RPG                 88300
D       INNKEEPERS USA TR              Common  4576J0104     997560 120000   Sole     RPG                120000
D       AMERICAN HOME PRODS CORP       Common   26609107     933750  22500   Sole     RPG                 22500
D       TEPPCO PARTNERS L P            Common  872384102     920000  46000   Sole     RPG                 46000
D       VALLEY NATIONAL BANK           Common   91979410     914156  36750   Sole     RPG                 36750
D       KINDER MENERGY PAR UT LTD      Common  494550106     866260  20000   Sole     RPG                 20000
D       PFIZER INC                     Common  717081103     780102  21745   Sole     RPG                 21745
D       FRANKLIN RES INC               Common  354613101     745737  24400   Sole     RPG                 24400
D       DELL COMPUTER                  Common   24702510     698277  16700   Sole     RPG                 16700
D       LINCOLN NATL CORP IND          Common  534187109     631058  16800   Sole     RPG                 16800
D       LAKEHEAD PIPE LINE PARTN       Common  511557100     575438  13500   Sole     RPG                 13500
D       HEINZ H J CO                   Common  423074103     548250  12750   Sole     RPG                 12750
D       MBIA INC                       Common  55262C100     522200  11200   Sole     RPG                 11200
D       PENNFED FINL SVCS INC          Common   70816710     498000  33200   Sole     RPG                 33200
D       MOBIL CORP                     Common  607059102     483600   4800   Sole     RPG                  4800
D       HCR MANOR CARE INC             Common  421937103     465148  26867   Sole     RPG                 26867
D       PROVIDIAN FINL CORP            Common  140186107     427615   5400   Sole     RPG                  5400
D       ALLSTATE CORP                  Common   20002101     381551  15300   Sole     RPG                 15300
D       CAMDEN PPTY TR SH BEN INT      Common  133131102     359722  13385   Sole     RPG                 13385
D       BELL ATLANTIC CORP             Common   77853109     336565   5000   Sole     RPG                  5000
D       WALGREEN CO                    Common  931422109     304500  12000   Sole     RPG                 12000
D       WAL MART STORES INC            Common  931142103     304403   6400   Sole     RPG                  6400
D       WILLIAMS COS INC DEL           Common  969457100     282188   7500   Sole     RPG                  7500
D       MBNA CORP                      Common  55262L100     258928  11350   Sole     RPG                 11350
D       EXXON CORP                     Common  302290101     243200   3200   Sole     RPG                  3200
D       TIDEWATER INC                  Common  886423102     232050   9100   Sole     RPG                  9100
D       COCA COLA CO                   Common  191216100     231600   4800   Sole     RPG                  4800
D       INTERNATIONAL BUSINESS M       Common   45920010     225786   1866   Sole     RPG                  1866
D       WARNER LAMBERT CO              Common  934488107     209081   3150   Sole     RPG                  3150
D       AMERITECH CORP NEW             Common   30954101     206925   3100   Sole     RPG                  3100
D       CITIGROUP INC.                 Common   17296710     181500   4125   Sole     RPG                  4125
D       AEGON N V ORD AMER REG         Common    7924103     180266   2084   Sole     RPG                  2084
D       LILLY ELI & CO                 Common  532457108     179726   2800   Sole     RPG                  2800
D       MORGAN J P & CO INC            Common  616880100     176516   1545   Sole     RPG                  1545
D       PEPSICO INC                    Common  713448108     158295   5190   Sole     RPG                  5190
D       FLORIDA PROGRESS CORP          Common  341109106     143375   3100   Sole     RPG                  3100
D       LUCENT TECHNOLOGIES            Common  549463107     126896   1956   Sole     RPG                  1956
D       VODAFONE AIRTOURCH PLC         Common  92857T107     109127    459   Sole     RPG                   459
D       DAYTON HUDSON CORP             Common  239753106     108113   1800   Sole     RPG                  1800
D       TLC THE LASER CTR INC          Common  872934104     105888   4300   Sole     RPG                  4300
D       HEALTH CARE PPTY INVS          Common   42191510     105000   4000   Sole     RPG                  4000
D       BP AMOCO                       Common   55622104      87875    793   Sole     RPG                   793
D       WASHINGTON MUT INC             Common   93932210      83626   2859   Sole     RPG                  2859
D       CEDAR FAIR L P                 Common   15018510      83000   4000   Sole     RPG                  4000
D       KEANE INC                      Common   48666510      79846   3500   Sole     RPG                  3500
D       HUBBELL INC CL B               Common   44351020      71783   2252   Sole     RPG                  2252
D       NETWORKS ASSOCS INC            Common  640938106      67894   3550   Sole     RPG                  3550
D       CENTRAL & SOUTH WEST           Common  152357109      59150   2800   Sole     RPG                  2800
D       CENDANT CORP                   Common  151313103      53250   3000   Sole     RPG                 14800
D       SBC COMMUNICATIONS             Common   78387610      51063   1000   Sole     RPG                  1000
D       XEROX CORP                     Common  984121103      46132   1100   Sole     RPG                  1100
D       BELLSOUTH CORP.                Common    7986010      45000   1000   Sole     RPG                  1000
D       BJ SVCS CO                     Common   55482103      44538   1400   Sole     RPG                  1400
D       EMERSON ELEC CO                Common  291011104      37913    600   Sole     RPG                   600
D       AT&T CORP                      Common    1957109      32625    750   Sole     RPG                   750
D       HARRIS & HARRIS GROUP          Common   41383310      23752   8000   Sole     RPG                  8000
D       SHERWIN WILLIAMS CO            Common  824348106       9422    450   Sole     RPG                   450
D       FAMILY GOLF CTRS INC           Common  30701A106       6201   2450   Sole     RPG                  2450
D       POLYDEX PHARMACEUTICALS        Common   73172810       2781   1000   Sole     RPG                  1000
S	REPORT SUMMARY							331152227
</TABLE>


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