The building was built in 1916 by the architect Tymoshenko on the site of the destroyed Snarsky buildings, reconstructed in 1925 by the engineer Kushnaryov for the People's Commissariat of Labor (Narkomprasy). Later, the building was handed over to Kharkiv University, and its Faculty of Economics works there today. In 1943, after the liberation of Kharkiv, this building was temporarily occupied by the Kharkiv Regional Committee of the Communist Party of Ukraine until the construction of its building at 64 Sumska Street was completed.
On March 2, 2022, russian troops attacked the building of the Faculty of Economics of Kharkiv National University named after Vasyl Karazin with a missile attack. The projectile completely destroyed the roof and ceiling, as a result of hitting the building, a fire started. As a result, the roof, walls, missing windows, internal partitions and doors were completely destroyed. The engineering systems and the heating system were destroyed.