The lawsuit would be against the manufacturer for negligence in bringing a faulty design to market.

But according to New York City Law, (NYC Administrative Code §28-301.1) I share responsibility for the maintenance of the wall.Is there any legal way to protect myself from being held liable for the failing wall as I would consider the situation entirely due to the negligence of the bank-owned property?

Also, most Umbrella Policies only pay out if your underlying policy pays out, and the underlying policy will do everything they can to find an exclusion or that you were negligent (which you probably were) in the cause of action to get out of paying the claim.

Claiming landlord negligence and breach of habitability.  

I've been in REI a long time and have seen the good, the bad, and the ugly, but $60k of damage from one tenant indicates gross negligence on the part of the property manager.I'd suggest three things: 1) Study the contract you have with the PM company, and talk with your attorney ASAP to see whether a lawsuit is feasible/advisable, 2) Get at least three bids from other contractors on the repairs (and before you hire any contractors, study up thoroughly on how to properly vet and manage contractors--there's plenty of info about this on BP) 3) Don't do any more business with the PM company (or any contractors they refer), and keep them at arm's length while you discuss your legal options with your attorney.

Clearly not be accountable of the damage his kids caused to the their negligence and carelessness. 

If it can be demonstrated that PMC failed its fiduciary duties in protecting the Owner's interest from the get go and at every turn causing great loss (eviction, damage) through no lease enforcement and negligence in screening, then forced Owner to have to file eviction and then seek to collect judgment via garnishment, then what recourse does the Owner have if the info that will allow the Owner to sue the employers are withheld from them by the PM?

Tenant agrees to comply with all duties required by Wyoming Statute §1-21-1204: maintain the Premises in clean and safe condition and not unreasonably burden any common area; dispose of all garbage and other waste; maintain all plumbing fixtures in a condition as sanitary as the fixtures permit; use all electrical, plumbing, sanitary, heating, and other facilities and appliances in a reasonable manner; prevent water pipes from freezing by turning off outside spigots, disconnecting hoses, and keeping the rental heated to at least 50 degrees; replace lightbulbs, air filters, water filters, and other consumables as needed; test smoke detectors every six months and replace batteries as needed; immediately notify Agent in writing of any defects or dangerous conditions Tenant becomes aware of; replace broken or cracked glass, no matter the circumstance of breakage, unless the Tenant provides Agent with a police report detailing breakage beyond the control of Tenant; pay to repair anything damaged by the Tenant, his guests or invitees, whether through intentional act or negligence; upon termination, remove all personal property and garbage either owned or placed on the Premises by Tenant and clean the Premises to the condition at the beginning of the AgreementCreate a policy and stick to it.

Liability implications are somewhat scant as you would likely be sued for negligence if you were ever to be sued and that would likely pierce the corporate veil. 

For most people, the benefits are negligible.