Schwab eventually became very wealthy. He moved to New York City's Upper West Side, which at the time was considered the "wrong" side of Central Park, where he built "Riverside", the most ambitious private house ever built in New York. The $7 million 75-room house, designed by French architect Maurice Hebert, combined details from three French chateaux on a full city block. After Schwab's death, Mayor Fiorello La Guardia turned down a proposal to make Riverside the official mayoral residence, deeming it too grandiose. It was eventually razed and replaced by an apartment block.