A trust linked to billionaire Ken Langone, co-founder of Home Depot, has acquired the Upper East Side carriage house of renowned photographer Carl Fischer for $10.75 million. The sale, recorded on October 13, involves the Article IV Trust for Bruce Marshall Langone, one of Ken and Elaine Langone’s three sons. The property, originally listed for $13.5 million in September 2023, went into contract in May for $10.75 million, marking a 20% discount from the initial asking price.
The 7,825-square-foot mixed-use building, located at 121 E. 83rd St., features medical offices on the lower levels and a four-bedroom duplex above. Designed as a private stable for Woolworth heir Frank W. Woolworth, the structure later housed Murray Guggenheim before Fischer transformed it into his home and studio in 1965. Fischer’s iconic works, including photographs of Muhammad Ali and Andy Warhol, were created within its walls.
The Langone family, known for their estate planning strategies, utilized a 2025 irrevocable GRAT (grantor retained annuity trust) to facilitate the purchase. This tool allows the ultra-wealthy to transfer assets to the next generation while minimizing gift taxes. The deal concludes a three-year sales process following Fischer’s death at age 98.