The monastery was founded by the voivode Mihai Viteazu in the 16th century, after he was saved by a miracle of St. Nichlas from death. The church was built in 1594. Originally it was surrounded by walls.
The monastery suffered many transformations. It functioned as royal residence, military hospital, medical college and, at the end, it became home to the National Archives.
The area in which the monastery was situated, has been completely demolished during the communist era and replaced by the new district Uniri. In 1986, the monastery was demolished too, only the church and a bell tower were rescued and shifted further to 289 meters east, because of many protests.
Today, the church and the bell tower are located on Wisdom Street, behind the residential blocks on the Liberty Boulevard (Bulevardul Libertății).