The synagogue is on the Büyük Hendek Street in the Kuledibi district of Beyoglu square. The Neve Şalom ("Peace Oasis") Synagogue was built by renovating the gymnasium of a Jewish elementary school. The gymnasium was converted to a synagogue in 1938, but it hold couldn't be used because of a lack of permission. 

Permission was granted in 1949, and the project was prepared by Elio Ventura and Bernard Motola, two graduates from Istanbul Technical University It was opened for prayer and worship in 1951.

Its most striking attractions are the dome which holds an eight ton chandelier, the stained glass windows which were imported from England, and the marble sections.

The Synagogue was bombed by terrorists in 1986, but was renovated and reopened in 1987.