The Virgin Mary of the Piazza (Piazza delle Erbe = cereal square, i.e. the main Venetian produce market) or Madonnina stood at the top of 1821 St. and Katechaki St. In inventories of Chandax churches it is sometimes encountered as a Latin rite church and at other times as a Greek church.

In the Ottoman period it was converted into the Reysul Kiutap Hussein Efendi Mosque and later named the "Arastas" or covered market mosque, lending its still well-known name to the surrounding area. After Crete became part of the Greek state, the Virgin Mary of the Piazza was remodeled and used as a covered market. In 1961 it was demolished to make way for the El Greco hotel. During excavations carried out at the time, a church dating to the second Byzantine period came to light beneath the monument.