Also some appraisers just value properties at exactly the same amount as the bank needs to give financing....appraisers get paid 300-500 for an appraisal, they spend 5 minutes int he apartment and don't really do a great job, especially if they are out of towners and do not know Manhattan market that well
Appraisals are very individualized. An appraiser will compare to the best comps available in terms of not just square footage, but what floor it is on, which way it faces, views, how recently renovated and the quality of the materials. Therefore, any blanket statement answering what an appraiser is likely to appaise your unit at per square foot based solely on the neighborhood you are in would be grossly inaccurate. And, I hate to say it, but truthfully the appraisers banks are using in NYC these days are often from outside the city and grossly off in their appraisals.
Halstead Property, LLC
http://jenetlevy.halstead.com for all NYC listings
Appraisers will also shy away from using NEW Condos as Comps for used condos.
There are so many variables here; the only way to do this is to jump into the water; sticking your toe in will tell you nothing.
Good luck and may God bless