So, it’s a condo. That means it belongs to residents. How are they going to pay for repairs, or, if it can’t be repaired, does their insurance pay for the building being a total loss?
I remember, in Charleston, SC, repair costs for hurricane damage to a club building was levied against the residents in the development.
Think of it like a car. They may need to “total” the building.
Given the limited number of stories, I wonder whether the lot alone is worth close to the current value of all the condos.