The black metal piping is part of a fire sprinkler system; the sprinkler head is an obvious give away. It would not be dripping condensation because the piping and water inside would be at room temperature, not cold like a glass of iced tea. Why does it smell? Because the water has been standing/stagnating in the metal pipes since installed. I have seen a sprinkler fail and spew 5 year old contents; the person underneath at the time might just as well have been rolling in fresh cow pies. But, once the cow pies pass, the water behind will suppress/extinguish a fire. If the sprinkler head is leaking, call an installer of fire suppression systems.