Bank Appraisal came back low - 13.5% below contract price

[Jacob Stephen]

It’s a multifamily (3) property in NYC. The bank appraisal came back significantly lower. $1.125MM vs $1.3MM Should this be a major concern? The bank is going to lower the loan amount.. I can come up with the additional equity but I’d rather not. I’ve done my homework and comps seem to justify the higher price. I plan to contest the appraisal with my comps. But I’m wondering if I’ve become blinded to this property. Any advice or input would be great.