In 1899 Josef Isaac Modiano bought this piece of land from Cadri and Soukiour Avdi Bey, in which he first constructed a silk factory. Later on, he erected this mansion for his family. The Modiano family were originated from Italy, had settled in Thessaloniki in the begging of the 18th century and was one of the most important families into the commercial life of the city. In 1940, part of the building passed into the Jacob Isaac Molho. After the second world war it passed into the hands of the Greek State and was inhabited, the mansion as well as the factory, by numerous families. In 1960, it was granted to the Ministry of Education in order to host the annexe of the 1st Boys? High School until the earthquake of 1978, date in which it was abandoned as not being safe. Today it has been restored and hosts again the annexe of the 1st High School of Thessaloniki.