The stone mansion with a six-column portico was built in the former Voron'ya sloboda in the 18th century and, having undergone changes, has survived to this day. Since the mid-19th century, the property on Zolotorozhsky Lane, which was renamed Gzhelsky in 1913, belonged to the first guild merchant and Old Believer Sergey Vasilyevich Balashov. He was married to Pelageya Sidorovna, the elder sister of the famous 'porcelain king' M. S. Kuznetsov, and was one of the guardians of Matvey Sidorovich during his minority years. Together with his brother Grigory, he founded the 'Partnership of Sergei and Grigory Balashov's Manufactures.'

Presumably, as early as the mid-1860s, a secret prayer house of the Sergie-Vakha Old Believer community of the Belokrinitsky agreement was established in the house.

After Sergey Vasilyevich's death in 1889, the property passed to his son Maxim Sergeyevich, a hereditary honorary citizen and owner of the 'S. and G. Vasilyevich Balashov Sons' Partnership of Manufactures,' which included factories in Kurovskaya and Moscow. He was one of the founders of the Moscow Old Believer community at the Rogozhskoye Cemetery.

After the issuance of Emperor Nicholas II's 1905 decree on religious tolerance, which legalized Old Believer agreements, a church in the name of St. Sergius and Vakh was established in the Balashov house. A reconstruction of the building was planned to give it a church appearance, but the project was not realized. Externally, the church looked like an ordinary building, but with a cross on the facade.

This was one of the first Moscow Old Believer churches closed after the revolution. In 1922, the church was inspected by the administrative department of the Moscow Soviet. After the commission left, the clergy incensed the church to expel the 'Bolshevik spirit.' Soon, the church was closed.

In the neighboring property with the Balashovs, between Voron'ya Street (now Sergiy Radonezhsky Street) and Zolotorozhsky (Gzhelsky) Lane, the first pharmaceutical factory in Moscow, owned by R. R. Keler, opened in 1882. By 1917, it had become the largest producer of medications in Russia. In 1918, the factory was nationalized, and on its basis, 'Pharmaceutical Plant No. 12' was created, which was named after the first People's Commissar of Health of the RSFSR, N. A. Semashko, in 1922. Subsequently, this enterprise became the Moscow production chemical-pharmaceutical association 'Moskhimfarmpreparaty,' and in the post-Soviet period, it was transformed into a joint-stock company and continues to operate. The Balashov house was transferred to the factory for the placement of the factory cafeteria.

A few years ago, the middle of Gzhelsky Lane was closed off with gates, and now the Balashov mansion can only be seen through the fence, as there is no free access to it.

The building has the status of a recognized cultural heritage site.