The oldest Armenian church in Istanbul, it was constructed around 1360. It was rebuilt in 1431, but then demolished due to the widening of the road between Tophane and Karaköy. It was rebuilt by architect Bedros Zobyan in 1965 and is significant as it is one of the few churches rebuilt during the Republic period. The building is rather severe and blackened by exhaust fumes, but the crypt is beautifully decorated with Delft tiles. A door beneath the bell tower leads into the church. Its narrow windows and the belfry next to the entrance are characteristic of classical Armenian church architecture, however, its conical dome is not.

After a six-year renovation, the church re-opened in 2012.