This synagogue was built in the 1920s with the reorginaztion of a yarn factory which was used as a parking lot at the time and served the Jewish community in Sisli until the end 1940s. In 1950s the Jewish population in Nisantasi and Sisli districts of Istanbul began to increase rapidly and as a result the land which now the synagogue is located on was decided to be bought. The Executive Board of the Galata- Beyoglu -Kasimpasa - Sisli Community (Neve Shalom Foundation) initiated a project competition for the new synagogue building. In 1951 architects Aram Deregobyan and Jak Pardo got the project and were responsible for the construction. After obtaining the necessary permissions and project approvals, the ground-breaking ceremony of the Synagogue was performed on January 25, 1952. Ceremonies for the feasts of Rosh Hashanah and Kippur were held in this building even though its interior design was not completed yet. The script "Kal Kadosh Beth Israel" on the door of the Synagogue was inscribed by Daragobyan. The carton-pierre inside the temple and the six-pointed star on Ehal were made by the famous carton-pierre master Onnik Cezarliyan. The relief stones, five on both sides of the building's façade, symbolise "The Ten Commandments". The upper side of the rectangular-shaped center space is covered with a blue vault representing the sky. A Mikveh, a ritualistic pool, was added to the synagogue in 1961. This Mikveh served the community for a short period of time.
On 15 November 2003, the explosion of a bomb-laden truck in front of the back door of the synagogue on Nakiye Ergün Street caused many deaths and considerable damage to the building. The Synagogue was re-opened to service in January 2004 after the necessary renovations.