Cut your losses or wait thru a painful rebound?

[Roger R.]

I was set to close in late March on the sale of my multifamily property in Manhattan;  then COVID-19 hit.  The building's only tenant (condition of close) defaulted on its rent and is probably going to go bankrupt (GNC).  We passed the contract's time is off the essence closing date. The buyers have given extensive ******** why they aren't in default, but at the end of the day they are.  The courts are closed, so I can't enforce their default. Now they want a discount of at least 10%.  

The reality is that supporting a building in NYC is expensive and the hold time through litigation for the deposit could be a year + when the courts finally do re-open. I expect the economy will not come back to the place where it was immediately. Would you guys fight for the money or just move on?  

Always welcome everyone's thoughts.