The building has been declared a Hstorical Monument and a Work of Art, and is protected by a preservation order. It is the first multi-storeyed building of the city, a characteristic example of the first phase of the use of concrete at Herakleion. It presents many signficant Neoclassical features and is a representative example of the appartment blocks erected at the town in the period between the two World Wars. It has a ground floor and four storeys. It is a unique building in terms of the many Neoclassical elements (projections, cornices, pillars, balustrades at the entrances and the balconies) and the remarkable arrangement of the openings on the facade. Also unique as to their details are the wooden doors of the shops on the ground floor, decorated with fluted pseudo-antae.
It was built in 1926-30 and housed shops on the ground floor and residential appartments on the upper floors. Today it is abandoned.