Home Depot Co-Founder's Family Acquires Historic Upper East Side Carriage House

A trust associated with Ken Langone, co-founder of Home Depot, has purchased the historic Upper East Side carriage house that served as the home and studio of legendary photographer Carl Fischer for $10.75 million. The deed was recorded on October 13, listing the buyer as the Article IV Trust for Bruce Marshall Langone, established through an irrevocable grantor retained annuity trust (GRAT).

Ken Langone, his wife Elaine, and their son Bruce are named as trustees for the Article IV Trust. GRATs are often utilized by wealthy families for estate planning to transfer assets to heirs while minimizing gift tax liabilities. Bruce Langone is one of the couple's three sons; the family also includes Kenneth G. Jr. and Stephen.

The property at 121 East 83rd Street was sold by Carl Fischer Photography, Inc. This transaction concludes a three-year sales process that began after Fischer's death at age 98. The property was initially listed for $13.5 million in September 2023, with the price later reduced to $10.75 million. The sale went into contract on May 29.

The 25-foot-wide building spans 7,825 square feet. It features medical offices on the ground floor and basement, and a four-bedroom duplex residence above. The ground floor has 13-foot ceilings and a curb cut. Zoning regulations permit the new owners to expand the building's square footage to up to 10,420 square feet.

Constructed by architects Hamilton & Mesereau, the brick structure was originally a private stable for Frank W. Woolworth. It was later occupied by Murray Guggenheim of the Guggenheim family before Fischer acquired it for his studio in 1965. Under its high ceilings, Fischer created some of the most iconic magazine covers of the 20th century, including his renowned Esquire photograph of Muhammad Ali from 1967 and an image of Andy Warhol with a Campbell's soup can in 1969. His subjects also included political figures such as Lyndon Johnson and Robert Kennedy.

Fischer's sons, Doug and Ken Fischer, grew up in the house and recalled interactions with many of the notable individuals who visited for shoots. Jed Garfield of Leslie J. Garfield represented the seller in the transaction.