The price has dropped once already primarily due to some pretty substantial deferred maintenance that the seller doesn't want to deal with (new roof, retaining wall, some dry rot).Looking at COCROI/Cap Rate and other numbers, the place looks to cash flow handsomely already – around 1k/mo with existing tenants at existing rates.

NYC is saturated with investors and the market has dried out.

Water is corrosive, air can be too, paint will dry in there and be a nightmare.Just my .02

A potential difficulty is moisture accumulation below the surface of an older foam roofs so make sure it is dry 1st.  

Sounds like trying to use 'dry' funds to close a simultaneous closing.If so, not permitted (any more) as far I can tell.Assignments are though.

Here's a photo of some typical dry wall damage.  

To avoid "bossing" around each other, clearly cut dry as I said above, areas of ownership in the business.

I'd get some day labor and dig it out, seal the outside of the wall, then fill the crack on the inside with hydraulic cement and paint the interior wall it with dri-lock. 

., it seems like in order to do a "dry closing". 

This seems like a pretty cut and dried matter to me.