I have a friend who lived exactly where that condominium sits today back in the early 80’s. He said that they wanted to build a drug store on that location but the building application was turned down because the geologic conditions were too unstable to build there.
Buildings that are built on a sandy soil will have their foundations supported by deep piers. Underground there was the water table from the ocean. That water table was the issue in the earlier permit application. Salt water can penetrate concrete and slowly cause it to break down, as well as eating into any underlying metal reinforcements used inside the concrete. This will cause the building to settle, causing strains on the structure.
How this condominium was built there is the big question.
Correction: My friend lived there in the 70’s