When Richard Barnhart joined Pennrose Properties as co-owner and president in 1985, the fledgling company didn’t have a dedicated office. He and his business partner, John Rosenthal, who had started the firm and developed six affordable apartment buildings, worked out of Rosenthal’s living room. After about a year, they moved into an office that was a grand 300 square feet.
The New York City Housing Authority (NYCHA) and New York City Housing Preservation and Development have tapped Pennrose, a multifamily specialist based in Philadelphia, to be a co-developer on Brooklyn’s Prospect Plaza redevelopment. It joins Blue Sea Development Co., Duvernay + Brooks, and Rosenberg Housing Group (Blue Sea & Partners) in the project.