GROESBECK INVESTMENT MANAGEMENT CORP /NJ/
13F-HR/A, 1999-08-12
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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:	June 30, 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:	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		July 29, 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:	$367733466

List of Other Included Managers:
none
<PAGE>
<TABLE>

     Name of Issuer                  Class   CUSIP # Market Valu#sharesInv. DiscrMgrSole (A None(C)
<C>  <C>                              <C>        <C>        <C>    <C>    <C>    <C><C>         <C>
D    E M C CORP MASS                Common  268648102   13920830 253106   Sole   RPG  62000   191106
D    FANNIE MAE                     Common  313586109   13559569 198675   Sole   RPG          198675
D    JOHNSON & JOHNSON              Common  478160104   13132000 134000   Sole   RPG          134000
D    MERCK & CO INC                 Common  589331107   12690447 172366   Sole   RPG          172366
D    CISCO SYS INC                  Common  17275R102   10855354 168462   Sole   RPG          168462
D    SUNGARD DATA SYS INC           Common  867363103   10196475 295550   Sole   RPG 110000   185550
D    SCHERING PLOUGH CORP           Common  806605101    9437715 179766   Sole   RPG          179766
D    ABBOTT LABS                    Common    2824100    9296657 204885   Sole   RPG          204885
D    FIRST UN CORP                  Common  337358105    9089187 192874   Sole   RPG          192874
D    INTERPUBLIC GROUP COS IN       Common  460069010    8331159  96175   Sole   RPG           96175
D    MORGN ST D WITTR DISCV         Common  617446448    7482594  72912   Sole   RPG           72912
D    ALLIANCE CAP MGMT L P          Common   18548107    7464303 231000   Sole   RPG          231000
D    AMERICAN GENERAL CORP          Common   26351106    7386750  98000   Sole   RPG           98000
D    CINTAS CORP                    Common  172908105    7343648 109300   Sole   RPG  45000    64300
D    SUN MICROSYSTEMS INC           Common   86681010    7280088 105700   Sole   RPG          105700
D    AMERICAN PWR CONVERSION        Common    2906610    7136325 354600   Sole   RPG 180000   174600
D    HILFIGER TOMMY CORP ORD        Common  G8915Z102    6819575  93100   Sole   RPG  53000    40100
D    BANC ONE CORP                  Common   59438101    6693273 112373   Sole   RPG          112373
D    PITNEY BOWES INC               Common  724479100    6142300  95600   Sole   RPG           95600
D    EXPRESS SCRIPTS INC CL A       Common  302182100    5630226  93544   Sole   RPG  47000    46544
D    CATALINA MARKETING             Common  148867104    5060000  55000   Sole   RPG  45000    10000
D    CLOROX CO DEL                  Common  189054109    5020211  47000   Sole   RPG           47000
D    ECI TELECOM LTD                Common  268258100    5006410 150850   Sole   RPG  95000    55850
D    BJS WHOLESALE CLUB INC         Common  05548J106    4713878 156800   Sole   RPG 128000    28800
D    AMERICAN INTL GROUP INC        Common   26874107    4604877  39274   Sole   RPG           39274
D    PRICE T ROWE & ASSOC.          Common   74147710    4598668 119835   Sole   RPG  70000    49835
D    LEXMARK INTL GROUP             Common   52977110    4571900  69800   Sole   RPG  46000    23800
D    WATSON PHARMACEUTICALS         Common  942683103    4393394 125300   Sole   RPG  80000    45300
D    FINOVA GROUP INC               Common  317928109    4373138  83100   Sole   RPG  59800    23300
D    AFLAC INC                      Common    1055102    4361413  91100   Sole   RPG  78000    13100
D    TELEFLEX INC                   Common  879369106    4278643  98500   Sole   RPG  76900    21600
D    KIMCO REALTY CORP              Common  49446R109    4209525 105900   Sole   RPG          105900
D    DOLLAR TREE STORES INC         Common  256747106    4197600  95400   Sole   RPG  75000    20400
D    WILMINGTON TRUST CORP          Common  971807102    4148213  72300   Sole   RPG           72300
D    SANMINA CORP                   Common  800907107    4044138  53300   Sole   RPG  50000     3300
D    QWEST COMMUNICATIONS INT       Common  749121109    4042679 122272   Sole   RPG          122272
D    HARLEY DAVIDSON INC            Common  412822108    3941644  72490   Sole   RPG  60000    12490
D    COMVERSE TECHNOLOGY            Common   20586240    3899575  51650   Sole   RPG  49500     2150
D    BANKAMERICA CORP               Common  06605F102    3856264  52600   Sole   RPG           52600
D    SOVEREIGN BANCORP INC          Common  845905108    3814525 314600   Sole   RPG 230000    84600
D    ASTORIA FINL CORP              Common    4626510    3739124  85100   Sole   RPG  55000    30100
D    CONAGRA INC                    Common  205887102    3453263 129700   Sole   RPG          129700
D    HCR MANOR CARE INC             Common  421937103    3445992 142467   Sole   RPG  88200    54267
D    HOME DEPOT INC                 Common  437076102    3421658  53100   Sole   RPG           53100
D    COMPUTER ASSOC INTL INC        Common  204912109    3354752  61274   Sole   RPG           61274
D    STERIS CORP                    Common  859152100    3344125 172600   Sole   RPG 110000    62600
D    ZEBRA TECHNOLOGIES             Common  989207105    3261464  84850   Sole   RPG  75000     9850
D    MAY DEPT STORES CO             Common  577778103    3085327  75482   Sole   RPG           75482
D    LINCARE HLDGS INC              Common  532791100    2905000 116200   Sole   RPG  75000    41200
D    NATIONAL CITY CORP             Common  635405103    2711700  41400   Sole   RPG           41400
D    AMSOUTH BANCORPORATION         Common   32165102    2563109 110536   Sole   RPG          110536
D    TANGER FACTORY OUTLET CT       Common  875465106    2540200  97700   Sole   RPG           97700
D    BANK NEW YORK INC              Common   64057102    2531472  69000   Sole   RPG           69000
D    MICROSOFT CORP                 Common  594918104    2417038  26800   Sole   RPG           26800
D    CHEVRON CORPORATION            Common  166751107    2376575  25000   Sole   RPG           25000
D    UNITED DOMINION REALTY T       Common  910197102    2350000 200000   Sole   RPG          200000
D    GOLF TR AMER INC               Common  38168B103    2199420  90000   Sole   RPG           90000
D    BESTFOODS                      Common  08658U101    2158200  43600   Sole   RPG           43600
D    MACK CALI RLTY CORP            Common  129909107    2094503  67700   Sole   RPG           67700
D    INTEL CORP                     Common  458140100    1868300  31400   Sole   RPG           31400
D    BRISTOL-MYERS SQUIBB           Common  110122108    1831388  26000   Sole   RPG           26000
D    BEDFORD PPTY INVS I            Common   76446301    1787500 100000   Sole   RPG          100000
D    NEW PLAN EXCEL RLTY            Common  648059103    1773000  98500   Sole   RPG           98500
D    SERVICEMASTER LTD PTSP         Common  817615107    1767394  94261   Sole   RPG           94261
D    AMERICAN HOME PRODS CORP       Common   26609107    1617975  28200   Sole   RPG           28200
D    LEVIATHAN GAS PIPELINE  LP     Common  527367106    1582875  67000   Sole   RPG           67000
D    KEANE INC                      Common   48666510    1549813  68500   Sole   RPG  65000     3500
D    AUTOMATIC DATA PROCESS.        Common   53015103    1533400  34850   Sole   RPG           34850
D    TOTAL RENAL CARE HLDGS         Common  89151A107    1461366  93900   Sole   RPG  93000      900
D    SLM HLDG CORP                  Common  863871505    1445400  31550   Sole   RPG           31550
D    PIMCO ADVISORS L P UT LTD      Common  69338X105    1330301  44716   Sole   RPG           44716
D    BUCKEYE PARTNERS L P           Common  118230101    1248500  45400   Sole   RPG           45400
D    AMERICA ONLINE INC DEL         Common  02364J104    1243000  11300   Sole   RPG           11300
D    INNKEEPERS USA TR              Common  4576J0104    1200000 120000   Sole   RPG          120000
D    GENERAL ELEC CO                Common  369604103    1196896  10592   Sole   RPG           10592
D    KANEB PIPE LINE PARTNERS LP    Common  484169206    1143000  36000   Sole   RPG           36000
D    TEPPCO PARTNERS L P            Common  872384102    1141398  46000   Sole   RPG           46000
D    RFS HOTEL INVS INC             Common  74955J108    1109313  88300   Sole   RPG           88300
D    VALLEY NATIONAL BANK           Common   91979410    1056563  36750   Sole   RPG           36750
D    ALLSTATE CORP                  Common   20002101    1013684  28256   Sole   RPG           28256
D    FRANKLIN RES INC               Common  354613101     991250  24400   Sole   RPG           24400
D    MBIA INC                       Common  55262C100     900025  13900   Sole   RPG           13900
D    LINCOLN NATL CORP IND          Common  534187109     878858  16800   Sole   RPG           16800
D    SOUTHTRUST CORP                Common  844730101     825063  21500   Sole   RPG           21500
D    WALGREEN CO                    Common  931422109     787250  26800   Sole   RPG           26800
D    BED BATH & BEYOND INC          Common  075896100     777700  20200   Sole   RPG           20200
D    KINDER MENERGY PAR UT LTD      Common  494550106     740000  20000   Sole   RPG           20000
D    PENNFED FINL SVCS INC          Common   70816710     711900  45200   Sole   RPG           45200
D    REXALL SUNDOWN                 Common  761648104     670340  55000   Sole   RPG  55000        0
D    HEINZ H J CO                   Common  423074103     639094  12750   Sole   RPG           12750
D    DELL COMPUTER                  Common   24702510     606800  16400   Sole   RPG           16400
D    LAKEHEAD PIPE LINE PARTN       Common  511557100     593163  13500   Sole   RPG           13500
D    PROVIDIAN FINL CORP            Common  140186107     503550   5400   Sole   RPG            5400
D    MOBIL CORP                     Common  607059102     474000   4800   Sole   RPG            4800
D    CAMDEN PPTY TR SH BEN INT      Common  133131102     371434  13385   Sole   RPG           13385
D    MBNA CORP                      Common  55262L100     347594  11350   Sole   RPG           11350
D    PFIZER INC                     Common  717081103     345708   9515   Sole   RPG            9515
D    TIDEWATER INC                  Common  886423102     338550  11100   Sole   RPG           11100
D    BELL ATLANTIC CORP             Common   77853109     326875   5000   Sole   RPG            5000
D    WILLIAMS COS INC DEL           Common  969457100     319223   7500   Sole   RPG            7500
D    WAL MART STORES INC            Common  931142103     308800   6400   Sole   RPG            6400
D    COCA COLA CO                   Common  191216100     297600   4800   Sole   RPG            4800
D    WARNER LAMBERT CO              Common  934488107     269588   3900   Sole   RPG            3900
D    EXXON CORP                     Common  302290101     246800   3200   Sole   RPG            3200
D    INTERNATIONAL BUSINESS M       Common   45920010     241181   1866   Sole   RPG            1866
D    AMERITECH CORP NEW             Common   30954101     227850   3100   Sole   RPG            3100
D    MORGAN J P & CO INC            Common  616880100     217073   1545   Sole   RPG            1545
D    TLC THE LASER CTR INC          Common  872934104     206400   4300   Sole   RPG            4300
D    ENSCO INTL INC                 Common  26874Q100     205361  10300   Sole   RPG           10300
D    PEPSICO INC                    Common  713448108     200791   5190   Sole   RPG            5190
D    LILLY ELI & CO                 Common  532457108     200550   2800   Sole   RPG            2800
D    CITIGROUP INC.                 Common   17296710     195938   4125   Sole   RPG            4125
D    NETWORKS ASSOCS INC            Common  640938106     165240  11250   Sole   RPG  60000   -48750
D    AEGON N V ORD AMER REG         Common    7924103     154087   2084   Sole   RPG            2084
D    LUCENT TECHNOLOGIES            Common  549463107     131909   1956   Sole   RPG            1956
D    FLORIDA PROGRESS CORP          Common  341109106     128070   3100   Sole   RPG            3100
D    DAYTON HUDSON CORP             Common  239753106     117000   1800   Sole   RPG            1800
D    HEALTH CARE PPTY INVS          Common   42191510     115500   4000   Sole   RPG            4000
D    HUBBELL INC CL B               Common   44351020     102185   2252   Sole   RPG            2252
D    WASHINGTON MUT INC             Common   93932210     101675   2859   Sole   RPG            2859
D    CEDAR FAIR L P                 Common   15018510      99752   4000   Sole   RPG            4000
D    AIRTOUCH COMMUNICATIONS        Common  00949Y10       98936    919   Sole   RPG             919
D    BP AMOCO                       Common   55622104      86041    793   Sole   RPG             793
D    SHERWIN WILLIAMS CO            Common  824348106      83250   3000   Sole   RPG            3000
D    CENTRAL & SOUTH WEST           Common  152357109      65450   2800   Sole   RPG            2800
D    XEROX CORP                     Common  984121103      64969   1100   Sole   RPG            1100
D    CENDANT CORP                   Common  151313103      61500   3000   Sole   RPG           14800
D    SBC COMMUNICATIONS             Common   78387610      58000   1000   Sole   RPG            1000
D    BELLSOUTH CORP.                Common    7986010      46125   1000   Sole   RPG            1000
D    AT&T CORP                      Common    1957109      41860    750   Sole   RPG             750
D    BJ SVCS CO                     Common   55482103      41213   1400   Sole   RPG            1400
D    GILLETTE CO                    Common   37576610      41000   1000   Sole   RPG            1000
D    EMERSON ELEC CO                Common  291011104      37763    600   Sole   RPG             600
D    FAMILY GOLF CTRS INC           Common  30701A106      18836   2450   Sole   RPG            2450
D    HARRIS & HARRIS GROUP          Common   41383310      14248   8000   Sole   RPG            8000
D    ST JOHN KNITS INC              Common   79028910       8775    300   Sole   RPG             300
D    POLYDEX PHARMACEUTICALS        Common   73172810       4625   1000   Sole   RPG            1000
S    REPORT SUMMARY                                    366099134
</TABLE>


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