Next to Yaroslav's Court, at the beginning of Bolshaya Moskovskaya Street, near the boat station, an unusual ensemble of two buildings connected by a passage with a tented bell tower attracts attention. The first building is immediately recognizable as an ancient church, while only faceless walls remain of the second. These are the churches of Archangel Michael and Annunciation in the marketplace.

In medieval Novgorod, the marketplace occupied a vast area from the current boat station to the post office, and both churches were located within its territory. The oldest of them, the church of Archangel Michael, is mentioned in 1152 in connection with a fire when, according to the Novgorod First Chronicle, "On April 23, the church of Saint Michael burned in the marketplace..." Historians interpret this as "in the marketplace," rather than necessarily in the center.

The temple was likely restored only in the 14th century. According to the chronicle, in 1300, "That same spring, they laid the stone church of Saint Michael on Mikhailov Street," and in 1320, "That same year, they completed the church of Saint Michael on Mikhailov Street." In both cases, the subject is omitted, which is often found in Novgorod chronicles when it comes to decisions of the veche. It is likely that the Novgorodians acted as collective clients.

Apparently, the ancient Mikhailov Street adjoined the marketplace, the name of which is associated with the original church that burned down in 1152. Therefore, the 14th-century church is its successor. A memorial plaque on the building claims that it was built in 1300-1302, although according to the Stroevsky list of the Novgorod Fourth Chronicle, it was rebuilt in 1354 on "the old foundation." The church of Annunciation is first mentioned in 1362.

According to the Novgorod First Chronicle, in 1362, "Bishop Moisey erected a stone church of the Annunciation on Mikhailov Street." This was the last known construction by Bishop Moisey, who died that same year in his monastery of Archangel Michael on Skovorodka.

In 1466, the church was rebuilt on the old foundation. During the fire of 1542, both temples were damaged. After that, they were likely somewhat rebuilt: the usual three-petal completion was replaced by the Moscow eight-pitched roof, and both temples were united by the existing gallery. In the 17th century, the current tented bell tower appeared above the gallery. In the 19th century, much of the church of Annunciation was rebuilt in the classical style, and this white cubic building, although without domes, has survived to this day, contrasting with ancient Russian architecture.

During the war years, the ensemble was damaged. In 1958-1961, the churches with the passage were restored under the guidance of L.E. Krasnorechyev, who aimed to recreate them in the form they existed in the 16th century.