On a small diamond-shaped square, at the beginning of Voznesenskaya Street at the intersection with Podgornaya, stands the stone Ascension Church with the chapel of Cosmas and Damian, built in 1790-1794 and consecrated in 1796. In 1834, thanks to the funds of Ipatiev, the refectory was expanded with a northern chapel in the name of the Three Hierarchs and decorated in the style of late classicism. Probably, at the same time, the apse was raised. The building has plastered brick walls, while the base and part of the facade decoration are made of white stone. Currently, the completion of the church and the upper tiers of the bell tower have been lost, the side facades of the refectory have been partially altered, and the wall paintings have been updated. In some rooms, the vaults have been destroyed or replaced with flat ceilings. In the late 20th century, the square was surrounded by multi-story residential buildings.

This is one of the few churches in Ryazan that has preserved features of the transitional style from baroque to early classicism, along with the later decoration of the refectory and bell tower. The church has significant urban planning importance, completing the perspective of one of the main streets of the old city. Before the loss of the upper tiers of the bell tower, its verticality dominated the volumetric composition of the building, rising above the other parts strictly along the axis of the street. The square two-light cube of the church with an equally high and narrower semi-circular apse rises above the elongated transverse refectory. To the west, it adjoins a rectangular cube of the bell tower with a half-tier and late side extensions.

The early decoration is concentrated in the second tier of the light cube of the church, highlighted by a profiled cornice between the tiers. Rectangular windows with architraves are framed by framed casings with ears and drops, topped with high sandriks with panels. In the intercolumns and on the flanks, there are pilasters with developed cornices. The projecting slab and bases of the pilasters, like other parts of the building, are made of white stone. In the lower tier of the church and apse, the walls are decorated with ribbon rustication, while in the refectory, with square rustication transitioning to fan patterns above the rectangular window openings. The middle part of the side facades of the refectory is accentuated by corbels. Inside the building, the cube has a vaulted ceiling, and in the lower tier of the bell tower, the floor is made of Mettlach tiles.