The site was formerly part of Ulrik Frederik Gyldenløve's large property at the corner of Kongens Nytorv and Nyhavn.

A narrow strip of land along the canal, from Charlottenborg to Møntgade (now part of Holbergsgade), was used for the construction of a row of very small, identical houses for low-ranking officials at the dowager queen's court.

The aim was to have them replaced by taller buildings that matched the houses on the other side of the canal and were more suitable for a location next to Kongens Nytorv.

In conjunction with the sale, it was decided to widen the very narrow street along the canal.

By sales contract of 10 June 1778, he sold them to lace merchant Hans Jensen and master mason Samuel Bliclifeld.

It belonged to Andreas Espensen at that time, possibly the ship captain of the same name who owned Lille Strandstræde 16 on the other side of the canal.

[4] Saas lived in the building with his wife Emma Wilhelmine Saas (née Rosenkilde, 1809–1883), daughter of sailing master (styrmand) and later lieutenant Jens Jacob Rosenkilde (1770–1811) and Jensine Palæmona Aagaard (1786–1826).

The founder Axel Wilhelm Petersen (1868–1921) died in the building on 6 January 1921.

In 1951–52, it was adapted for use as a hotel building by the architects Peter Koch (1905–1980) and Esben Klint (1915–1969).

Nyhavn 22 is a nine bays wide building constructed with three storeys over a walk-out basement.