I would definately persue this further. It may not be an easy task, but it may be worth it in the long run.
Best of luck hopefully this is helpful.
If I am reading correctly, your question is not about the unit you purchased but the financial situation regarding the condo community at the time of your purchase.
This would have been exposed in the financial statements and minutes of the last few association meetings if you or your attorney had the opportunity to review them. Typically, when financing is involved, the lender will examine the percent in default data in your case you will need to determine local custom or who had the obligation to pursue this evaluation.
Taking legal action against an attorney rarely turns out the way you anticipate. However, two attorneys will be happy at the prospect of such a dance.
Since you are seeking legal advise you would be well advised to consult an attorney with your understanding of paragraph two and seek their clarification. Your attorney will know what the laws of the State of New York establish.
This is one of the real liabilities of purchasing in such communities. Assessments have a way of punishing those who remain behind. Using my condo buyers guide one could have come up with an assessment of the financial health. This however is no guarantee of future developments. I truly hope you got a great deal.
I trust things will work out favorably for you.