They contributed to the city's prosperity in the late 16th and early 17th centuries as a result of increased trade with countries with Scandinavia, Russia and England as well as with the Hanseatic ports.
The streams (which today have been drained off) were originally flanked by residences of successful merchants on one side and by warehouses on the other.
The façade is decorated with wrought-iron anchors but the most notable feature is the doorway at the top of a flight of steps between the two entrances to the cellar.
The round-arched doorway, flanked by sculpted figures and topped by the head of a bearded man with the completion of 1616 in a Renaissance cartouche.
[1] Olufsen experienced problems with his neighbours whose new houses and additions began to restrict his view of the harbor but he was successful in his ensuing legal action.
His son, Axel Stoustrup (born 1908), tells us that during his childhood there were five horses there and that during the First World War his family had a cow and hens.
Today the once stately apartments serve as a wine bar, restaurant and school for creative writing.