The estate on Baumanskaya Street, previously known as German Street, was built probably in the mid-18th century, no later than the 1770s. The estate complex, located along the street, included the main house and two symmetrically placed wings connected to it by gate arches with white stone columns. The left wing was lost in the 1960s, but one of the utility wings at the back of the property has survived.

It is suggested that the estate was designed by the famous Russian architect Matvey Fyodorovich Kazakov. A drawing of the estate's facade was included in the "Albums of Particular Buildings of Moscow," compiled by Kazakov in the early 19th century, where he gathered what he considered the best private houses in Moscow.

The decorative design of the main house's facade dates back to the period after the 1812 fire, when the house was restored by 1815. The central semicircular risalit of the building is adorned with paired Corinthian pilasters and elegant stucco bas-reliefs with narrative compositions. The facade on either side of the risalit is also decorated with stucco bas-reliefs and a floral frieze. Inside, vaulted rooms of the cellar and part of the decoration of the grand interiors from the first third of the 19th century have been preserved.

In the late 18th and early 19th centuries, the estate was owned by the noble family of Karanovs. Initially, it was Fedor Leontyevich Karanov, a brigadier who once served as the Tver vice-governor and provincial leader of the nobility. The estate was then inherited by his son Pavel Fedorovich, known as an expert and collector of antiquities. He dedicated his life to collecting church utensils, medals, coins, paintings, and engravings. His collection included over 3000 portraits of historical figures and a rich library of ancient books and manuscripts. His collection, known as the "Russian Museum of Karanov," was located in his house on Petrovka, where he moved from the estate on German Street and spent most of his life.

Pavel Karanov bequeathed his collection to the state. The antiquities were transferred to the Armory Chamber, the portrait gallery to the Hermitage, and a large part of the manuscripts and books to the Imperial Public Library. Some of his works were published after his death: "Historical Stories and Anecdotes, Recorded from the Words of Notable People," "Lists of Remarkable Russian Figures." His historical notes and stories were published in the magazine "Russian Antiquity," and the genealogical information he collected was used in the compilation of the Russian Genealogical Book.

After the Karanovs, the estate on German Street passed to the family of Ural industrialist Ivan Yakovlev-Sobakin, who restored the house after the 1812 fire. The last owner of the estate was nobleman Nikolai Alexandrovich Zankovsky, a member of the Russian Photographic Society and owner of the "ENZE" company, which produced photographic plates.

During the Soviet era, various institutions were located in the estate, and now a bank occupies the main house.