Carnesecca is widely known for his sense of humor and his signature sweaters. In November 2004, St. John's University officially dedicated and renamed the historic Alumni Hall to Carnesecca Arena.
Carnesecca graduated from St. John's in 1950. He also coached his high school alma mater, St. Ann's (now academic and athletic powerhouse Archbishop Molloy High School), where he was succeeded by Jack Curran. Carnesecca also coached the New York Nets of the defunct American Basketball Association in the early 1970s, when they were playing in Island Garden in West Hempstead, New York (on Long Island. (They are now the NBA's New Jersey Nets)
Lou also was a longtime announcer for the USA Network's coverage of the yearly NBA drafts of the 1980s.
Carnesecca was inducted into the Basketball Hall of Fame in 1992, and the Century Hall 101 Hall of Fame in 2007.