The synagogue was built as a private synagogue by pre-revolutionary millionaire Lazar Solomonovich Polyakov. Privately constructed and owned synagogues that served congregations were a familiar tradition in many parts of Europe; in the Russian Empire, great magnates could sometimes get permission to erect private synagogues outside of the Pale of settlement when congregations could not.
The pre-war rabbi was executed by the Soviet government in 1937 and the building was converted into a trade union meeting hall. In 1991, the building was transferred to Chabad Lubavich. In 2004, a renovation was completed and nowadays this synagogue is not just a temple, but also a religious center for the entire community. The building includes classrooms, a bookstore, a lecture hall, mikvah and kosher restaurant that has a wonderful rooftop terrace in the warmer months.