Hope you're gearing up for the holidays! Although I'm not the first to respond I do hope you'll still consider my answer.
Like somehave said below, there really isn't much of a cath with this building, it's just that many homeowner in the building purchased at the height of the market - thus owing more than what the homes are worth now. Another reason for a much lower price is because this building is much older than the surrounding buildings. Buyers, like yourself, are lucky enough to be picky when buying so when someone visits a condo at 222 Columbus then goes to an equal priced condo in Aqua there's just no way 222 Columbus can compete.
I'm one of the neighborhood's Realtor experts and would love the chance to work with you as your Realtor. Know that I'm available to chat when you're available.