Recently-sold comps are best, but in a Manhattan sub-market that is moving quickly (either up or down) they're not much use. In that case, sometimes buyer comps (i.e., if I think this apartment is worth $500K, what else is listed at that price that the buyer could get for his money, and is it equivalent?) are also used.

The lender will also look at the ownership structure of the building; if all other things are equal, a bank will value a building inhabited by primary owners over a building with a lot of renters/subtenants in it.

Also, it depends on the strength of the bank. Nothing was more fun than this summer, when a troubled lender sent one of my clients into re-appraisal just because they didn't feel like making the loan. We closed (this was a Financial District co-op) but it was a white-knuckled 24 hours.

Hope that helps.

Alison Rogers
author, "Diary of a Real Estate Rookie"
Insider Real Estate Tips with a Twist of Humor: http://tinyurl.com/2ag28z

The bank will have an appraiser visit the property and he or she will take into account all the factors you list, especially recent comps in the building (best) or nearby comparable co-op building sales. They will also have a copy of the contract of sale. If you are concerned about what the appraisal may be, use an agent or agents to give you a CMA. It won;t cost you anything. Take advantage of their knowledge of recent comps. A broker or agent who does a lot of deals in a particular co-op building will have access to recent comps and fair market value. Sometimes, if you contact the building managing agent, they will be forthcoming with this information. It doesn't hurt to ask.