Bought a thermal camera to find out why my walls were so cold. Did they just not insulate below the windows???

All the windows in my condo are relatively new (<10 years) but the building itself is a 120 year old brick building. Trying to figure out how to improve the thermal efficiency because it’s freezing in the winter! Did they just not add in any insulation below the windows? I thought it was failing caulking at first but this doesn’t look like that to me.

All the windows in my condo are relatively new (<10 years) but the building itself is a 120 year old brick building. Trying to figure out how to improve the thermal efficiency because it’s freezing in the winter! Did they just not add in any insulation below the windows? I thought it was failing caulking at first but this doesn’t look like that to me.