Old Christmas St. George Monastery is one of the oldest stone temples of Nizhyn. It was built in honor of the saint patron of the city - St. George. It is also known as the Krasnoostrovsky, because of the geographical location of the monastery on a beautiful (“krasny”) high hill on the left bank of the river Oster. It was built at the 1st part of XVII century with the assistance of the orthodox nobleman, nicknamed White Hat, who gave to the monastery his own estate on the bank of Oster. The given estate became the first residence of monks. They used the monastery as a fortress to protect the Nizhyn’s citizens from the attack of the Poles and Tatars.
After 1917 and the establishment of Soviet power, the Old Christmas St. George Monastery was closed and turned into the shelter for the homeless. Before the Second World War, the remnants of the monastery buildings and the grave crypts of his cemetery were completely disassembled by local residents for the construction of their own buildings. Now on the territory of the former monastery a memorial chapel has built.