It was founded by Konstantinos Sarandopoulos (d. 1972) with the international writer and publisher Gregorios Xenopoulos and is the longest-running literary magazine in Greece.
The directorship initially was held by the editor Pavlos Diomedes; after 1889 jointly with Nikolaos Politis, the folklorist and university professor and Georgios Drossinis, the poet, prose-writer and publisher.
Thirty years later, Xenopoulos wanted to revive the old periodical, but the newspaper Estia, which had come into the possession of Achilles Kyrou, legally precluded the use of the same name.
One characteristic of Nea Estia is that it maintains a neutral ideological stance, free of meaningful rivalries with other periodicals, with balanced choices of themes, styles and arrangement, while not taking an explicit or activist position on any social or political topic.
At the close of the 20th century it gave a comprehensive view of Greek literary trends and criticism, but also more general coverage of visual and fine arts themes, exhibiting a multi-dimensional character, but always with a significant weighting toward literature.