The buyer in the deal, which closed Dec. 18 and appeared in the city register Monday, was financier Kevin Luzak and his wife, Hampton, an entrepreneur.
The chairman of Pine Island Capital Partners, a firm that invests in military contractors, Thain appears to have had much higher hopes for the apartment, No. 17PHD. In 2018, after a two-year renovation, Thain listed the prewar home for $40 million. But despite several price cuts, the unit could not find a taker for years.
The exclusivity of its address might have been a factor. Home to billionaire-class financial executives such as Stephen Schwarzman, Israel Englander and Ezra Merkin, No. 740 is considered to have one of the toughest co-op boards on the Upper East Side and perhaps citywide. Also, purchasers must pay in cash, further limiting its buyer pool.
Market conditions could have also played a part. Many Manhattan co-op listings have struggled in the past few years, even though there seemed to be a bit of a rebound at the end of 2023, according to market data from Douglas Elliman.