The standards are one thing. It is another thing to look only at price and not condition or quality. This aspect seems to be lost on appraisers in this relatively new sellers market or at least in my market. I had an appraisal come in low on a Coop sale. It's main comps were three sponsor units in the building that came onto the market at ridiculous prices and in unrenovated condition. Two of which didn't have a Terrace and two others that were on lower floors and also missing a half bath. Yes, Coops are unique to Manhattan and the boroughs but valuation via appraisal could use some help.
Evidently to CitiBank, there is no difference between a renovated unit on a higher floor with a Terrace and extra half bath in comparison to sponsor units in estate condition, no Terrace or half bath. I appealed with an explanation of the differences and other comps less than 1/8 mile away that are in line with current pricing. The appeal was rejected. We had the buyer come up with more cash to cover the shortfall. Either way, my client wins.
IMO, we are on the crest of a wave of a priceing uptick that Banks are slow to enbrace or even acknowledge. Hopefully they'll catch up soon.