There are innumerable "what if's" in the residential development game, but many developers admit that the stress is all part of the fun.

Louis Dubin, president of The Athena Organization, developer of 111 Central Park North--the first luxury residential high-rise in the area of Harlem known as Central Park North--said it took some prodding to get financial support for such a high-end product in an area on the cusp of gentrification. "We saw it as a gateway project," Dubin said of the 19-story, 47-unit complex that is averaging $1,200 psf, excluding the penthouses. "We were looking at newer projects on the West Side as comparables."

Dubin joined Hal Fetner, president of the Sidney Fetner Organization, Alan Goldman, president of SJP Residential, Robert Rosania, chief executive officer of Stellar Management, David Kramer, principal of The Hudson Companies, Bruce Berg, vice president of the Cappelli Organization, Jan Burman, principal of Bristol Assisted Living, and Steven Kreiger, principal of Engel Burman at NYU Real Estate Institute's Tri-State Real Estate Market Trends seminar last week to discuss their past and future projects.

Dubin said he had to hold strong against financiers who questioned the need for the building to be so tall, or luxurious. But he said he had faith in the area, and knew there was a market for those looking to live the high-life in Harlem.

"One tip I have is you have to walk your comps. You need to understand your comparables, and really get a feel for your market," he said.

He also knew that in order to cater to the tenants moving into the high-rise, Dubin had to ensure that the building secured appropriate retailers.

Before selling the retail portion, which is going for $70 psf, to GoldenTree, Dubin set requirements for what types of businesses could move in. Kramer, of the Hudson Companies, said that after taking some risks in the condo market, he was looking to play it safe by diversifying the firm's portfolio.

After building the Riverwalk on Roosevelt Island, a condominium development with units sold to New York University as faculty housing, the Hudson Companies decided to continue their work with the school. The firm is developing a 26-story dormitory for the university at 120 E. 12th St. which will be leased for a 30-year term by NYU with a purchase option.

A final tip the developers left was that in order to develop a successful property, one must create flexible floorplans. Kramer said that in one of his buildings, he found that tenants were buying one- and two-bedroom units and combining them.

"We found that they were looking for more space to entertain," he said, adding that the common areas saw major expansions, while bedroom sizes remained the same.