A trust associated with Ken Langone, co-founder of Home Depot, has purchased a historic carriage house on the Upper East Side for $10.75 million. The property was previously owned by photographer Carl Fischer, who used it as his home and studio for several decades. The deed for the property, dated October 2, was recorded with the city on Tuesday, listing the buyer as the Article IV Trust for Bruce Marshall Langone, which is part of an irrevocable grantor retained annuity trust established in 2025. Ken Langone, his wife Elaine, and their son Bruce are all named as trustees.
The use of grantor retained annuity trusts (GRATs) is common among wealthy families as a means to transfer assets to the next generation while minimizing gift tax liabilities. Ken and Elaine Langone have three children: Kenneth G. Jr., Stephen, and Bruce. Ken Langone is known for facilitating the financing that allowed Bernard Marcus and Arthur Blank to establish Home Depot, and he is also associated with NYU Langone Health.
The seller of the property was Carl Fischer Photography, Inc. The sale concludes a three-year process, with the property initially listed for $13.5 million shortly after Fischer's passing at age 98. The asking price was later reduced to $10.75 million, and the property went under contract on May 29.
The sale price reflects a reduction of approximately 20% from the original listing, equating to about $1,373 per square foot. The building, which measures 25 feet in width and spans 7,825 square feet, includes medical offices on the ground floor and basement, along with a four-bedroom duplex above. The ground level features 13-foot ceilings and a curb cut, which is uncommon in Manhattan, and zoning regulations permit expansion of the property up to 10,420 square feet.
Originally designed by architects Hamilton & Mesereau as a private stable for Frank W. Woolworth, the property was later occupied by Murray Guggenheim. Fischer transformed the lower floors into his studio in 1965, where he captured iconic magazine covers, including a famous image of Muhammad Ali for Esquire and a photograph of Andy Warhol with a Campbell’s soup can in 1969. His subjects included prominent figures such as Lyndon Johnson and Robert Kennedy.
Fischer's sons, Doug and Ken, grew up in the house and had interactions with various celebrities who visited. Doug Fischer recalled meeting Muhammad Ali, describing it as a significant experience. Ken Fischer noted that his father's studio arrangement was ideal, stating that his father often referred to it as living above a candy store due to the high ceilings in the studio space.
Jed Garfield of Leslie J. Garfield represented the seller in the transaction.