Affordable developer James Equities pays $7.2M for former dorm in East Flatbush

An affiliate of affordable and supportive housing developer James Equities and the nonprofit NYC Housing Partnership through the entity 1377 Brooklyn Property LLC paid $7.2 million to Cristo Rey Brooklyn High School for the former dormitory property at 1377 Brooklyn Avenue in East Flatbush, Brooklyn.
The deal closed on May 21, 2024 and was recorded on June 11, 2024. The property has 58,040 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $124 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
According to the LinkedIn page for James Equities CEO Douglas James, “James Equities is a firm specializing in the development of transitional, permanent supportive and affordable housing for formerly homeless and low-income New Yorkers.”
The signatory for Cristo Rey Brooklyn High School was William P. Henson. The signatory for James Equities and NYC Housing Partnership was Douglas C. James and Jamie A. Smarr. The contract date was May 21, 2024.
James Equities is the beneficial owner through a nominee agreement. The transfer documents note deed restrictions including that the dormitory building at 1377 Brooklyn Avenue, may not be used for prohibited activities including selling pornography or marijuana or discussing abortions or surrogate motherhood.

Cristo Rey Brooklyn High School is a Roman Catholic college preparatory high school which opened in 2008. The school paid $10.75 million in 2023 for what was then tax lot 36, which included both a school building with the address 710 East 37th Street and this dormitory building at 1377 Brooklyn Avenue. That tax lot was subdivided into lot 36 and a new lot, 35, for 1377 Brooklyn Avenue, and now the school has sold this parcel and retains the school.

The 1377 Brooklyn Avenue building has been occupied by the nonprofit Life of Hope.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of two of the two commercial properties representing 88,518 square feet of the 88,518 square feet. The two identified owners are Cristo Rey Brooklyn High School and Chaim Wurzberger.
On the tax block, there was one new building construction project filed totaling 5,584 square feet. It is a eight-unit, 5,584 square-foot residential (R-2) building submitted by David Frank with plans filed November 23, 2018 and it has not been permitted yet.

The majority, or 66 percent of the 88,518 square feet of built space are specialty buildings, with elevator buildings next occupying 34 percent of the space.

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