The Nikolskie Rady indoor market was built in 1789, around the same time as the Izmailovsky Gostiny Dvor.
In September 2006, a construction company said that "Nikolskie Ryady" required complete reconstruction which would take between 30 and 36 months.
This would regain that part of the building that was currently unoccupied and create a hotel complex, a market and two-storey underground parking.
In May, 2008 the Committee on State Control, Use and Protection of Monuments of History and Culture disagreed with the assessment of the status of the building.
On November 19, 2010, Nikolskie Ryady market was sold at auction to the organization, which conducts the restoration work.