The building was constructed for the Monastic Fund of Heraklion to designs by the architect Dimitriοs Kyriakòs. It is among the most imposing structures erected during the first decades of the twentieth century along 25th August Martyrs Avenue, creating for visitors arriving from the harbour the misleading impression of a city of prosperity and splendour. For this reason, the avenue became known as the ‘Avenue of Illusion’.

An eclectic, three-storey, through-building of stone construction, it preserves elements of late Neoclassicism. The ground floor was laid out as a shop, while the upper floors hosted residences. Both façades are entirely built of exposed, finely dressed, coursed stone masonry. Their articulation follows strict axes of symmetry, particularly along the vertical lines. The central section of the principal façade projects slightly and is emphasised by the rhythmic repetition of pseudo-pilasters crowned with stylised capitals. A defining feature of the building is its twin-arched windows. The openings on the western façade are fitted with particularly fine wooden shutters. Cornices, door and window surrounds, balusters, carved stone corbels, and wrought-iron work with stylised decorative motifs create an architectural composition of notable elegance and refinement.