This 13,760 Sq. Ft. (1,278 m) property will be developed into a 100-room hotel in the near future.
The Paramount Theatre (560 Bay Street) was considered the second most prestigious theater on Staten Island next to the St. George Theatre. It was rather unique, because it had a Wurlitzer theatre organ with two consoles, one of only 10 such installations in the USA. The Paramount Theatre opened in around October 1930 with a seating capacity of 2,300 In 1961, while under the ownership of Fabian Theatres it underwent a $135,000 renovation and was closed for four weeks. It reopened as the New Paramount Theatre with wider seating and aisles and a reduced seating capacity of 2,000. It closed as a movie theatre in 1977, and was operating as a multi-purpose hall in 1979. Soon it was being advertised as the Paramount Nightclub. This was a short-lived venture and it became a Rock music venue from October 1980. Groups appearing at the Paramount Theatre included the B-52's, Squeeze and the Ramones. This use lasted a few years, but by the late-1980's, the building had been closed up and and was used for storage. It then remained empty and un-used for the next 25 years.