Vertical Community Development is focused on transforming urban spaces through targeted investment and vertical integration—creating affordable housing, workforce housing, supportive housing, student housing, and mixed-use developments.
Founded in 2018, Vertical was established to leverage 30 years of proven construction experience. The founders bring deep industry expertise and relationships to every project. Vertical allows principals and investors to take greater stakes in projects that they would previously only build, offering comprehensive, turn-key development services that include financing, design, and construction.
We See Opportunity.
With an extensive industry network built over 30+ years in the industry, Vertical sources off-market opportunities and partnerships with landowners and investors seeking to develop or reposition assets. The company has assembled expert teams of consultants, engineers, architects, and attorneys capable of navigating complex challenges such as ULURP rezonings, brownfield remediation, creative deal structuring, and distressed asset repositioning.
In addition, Vertical has experience with NYC affordable housing programs through the VP of Acquisition & Development, Leon Hovsepian III. Prior to joining Vertical, Leon spent 7 years at NYC’s Department of Housing Preservation & Development, heading up Special Underwriting and Credit for the Office of Development.
Our Team
Peter Serpico
Chief Executive Officer, Principal
Peter has over 35 years of experience in residential and commercial construction. As CEO, Peter oversees all company operations from financial health, business development, and resource allocation, while still being an integral part in field related matters.
Educated at NYU for Project Management and Construction Law, Peter Serpico brings an insightful understanding of the NYC Construction environment and its unique special considerations, such as logistics, labor, and code specific requirements. Peter has led teams to the top of various rankings – such as ENR’s Top 400 National Contractors and Inc Magazine’s Inc 500 list highlighting the fastest growing companies in America.
Throughout his career, Peter has led teams that have built over 8 million square feet of new commercial and residential high-rise construction, specializing in hospitality and multi-tenant buildings.
Arriving every day before seven in the morning, Peter Serpico is one of the hardest working people in the industry. This work ethic is why Peter is so highly regarded throughout the New York City construction industry and consistently listed in the New York Construction’s Power 50 rankings.
Leon Hovsepian III
VP of Acquisition & Development
Since 2018, Leon has helped create and direct the front-end acquisition, development, and finance effort at Vertical Community Development.
Before joining Vertical, Leon worked in the public sector at NYC’s Department of Housing Preservation & Development (“HPD”) for 7 years, in the Offices of Development and Asset & Property Management. For the last four years he was the Executive Director of Special Underwriting, leading a team that performed in-depth reviews of approximately 600 new construction and preservation projects seeking financing, including approximately $4+ billion of subsidized loans, $2+ billion of LIHTCs, extensive Article XI and 420-c tax exemptions, and evaluated special situations. He also Chaired HPD’s Credit Committee for non-conforming, sensitive, or highly complex projects.
Prior to HPD, Leon worked in various real estate capacities in the private sector, and had a career trading interest rate swaps for a top-tier bank. He has degrees from NYU, Columbia, and Yale University, and currently teaches real estate finance as an Adjunct Professor at NYU’s Wagner Graduate School of Public Service.
Tom Eswein
VP of Construction & Development
Tom brings 14 years of experience in real estate construction and development together at Vertical, heading up construction management and development coordination, and works closely with the construction teams on Vertical’s development projects.
For 12 years Tom progressed through the ranks with growing roles and responsibilities as a Project Manager and Executive. Tom’s track record includes providing construction oversight and financial diligence on over $750 million of new, mixed-use development, spanning nearly two-million square feet and ranging in height from five to 50 stories. With a deep understanding of construction finance, Tom also spear-headed oversight of cost analytics throughout the company’s construction pipeline.
Previously, Tom held a variety of positions in the construction and development industry in New York City. Tom has a master’s degree from NYU’s Real Estate Institute in real estate finance, and a degree in business from American University.