The Greek Orthodox Church of Panagia Paramythia stands in Istanbul's Phanar district, the church's name "Panagia Paramythia" means Holy Mother of Comfort, and the Church is also known as the Vlach-Sarai church because it was donated to the Patriarchate by the Vlach princes.

The Panagia Paramythia church was built around 1578. The original structure was a rectangle stone basilica covered with plaster with a round arch projecting towards the eastern side. It had a gabled terracotta roof, marble slab floors. and one window. The narthex and iconostasis were wooden.   There were 3 adjacent buildings within the complex. 

Unfortunately, the Panagia Paramythia was damaged or destroyed by fire and rebuilt in 1640 and 1729.  It was finally destroyed by fire in 1974, and the iron bell tower, built in 1833, was pilfered for scrap metal. 

In 1587, when the Patriarchal site of Pammakaristos Church was converted to Fethiye Mosque, the Vlach princes in the Phanar offered their church, Panagia Paramythia, to the Patriarchate. It remained the site of the Patriarchate for 11 years (1587-1597) before the seat was moved briefly to St Demetrius, then to its present location, at the Cathedral of St. George.

 Although, Panagia Paramythia was the Patriarchal site for a short time, several important and enduring historical and geopolitical decisions were made during the Great and Holy Synod of 1593 held here.

The Patriarchs granted autocephaly (independence) to the Russian Orthodox Church elevating Metropolitan Job of Moscow to Patriarch of Moscow and All of Russia.

The Synod also formally rejected the Gregorian calendar on grounds that the First Ecumenical Council of Nicaea in 325 specified the use of the Julian calendar for determining the date of Easter.