Eventually, the two parishes will merge.
The new school will be known as Saint Joseph School and will be located in the current Saint Joseph School building.
The archdiocese said the decision to merge Saint James and Saint Joseph was made after careful consideration "of how to best use our resources to ensure that our schools are fully enrolled and fully supported on all levels."
In addition, Saint Patrick's Old Cathedral School, located at 233 Mott Street, will be closed at the end of the current school year in June.
Parents of the current students of Saint Patrick's Old Cathedral School will be able to select another Catholic school in the area, including Immaculate Conception School on East 14th Street, Saint Brigid School on East 7th Street, and Our Lady of Sorrows School on Stanton Street.
In addition, Transfiguration School, which has grown too large for its current school building on Mott Street, will use Saint James School beginning in September 2010.
During the current academic year, Saint James School has 213 students in grades pre-k through 8, and Saint Joseph School has 187 students in grades k through 8. Saint Patrick's Old Cathedral School has 129 students in grades pre-k through 8.
There are no other school closings anticipated for the current academic year.