Vertical Community Development was created in 2018 to leverage Omnibuild’s construction expertise and deep relationships built over 25 years. Vertical allows Omnibuild to take greater stakes in the projects it builds and to offer turn-key build/develop services. Vertical is led by Peter Serpico, one of the two Omnibuild principals.
Vertical’s core business is to acquire, entitle, finance, and develop new construction and significant value-add projects. Pre-construction and construction of all projects are managed by Omnibuild. This allows Vertical the ability to get estimating services and value-engineering into projects from day one, and ensures seamless integration between development and construction.
We See Opportunity.
Through Omnibuild’s vast network, Vertical is able to find off-market purchase opportunities, as well as JV partners with sites or capital to place. Vertical has developed teams of specialized consultants and attorneys to do complex transactions, rezonings requiring ULURP, brownfield clean ups, creative deal structuring, and even taking over distressed projects.
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
Co-Chief Executive Office, 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 Omnibuild 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 with Omnibuild, Peter has led a team that has 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
Leon joined Omnibuild in 2018 to help 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 Omnibuild’s 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.
Prior to Omnibuild, 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.