The present monastery of the Transfiguration is near the peak of Manastir Tepesi. This was built on the site of the Byzantine monastery of the same name, of which a number of architectural fragments have been built into the katholikon, or monastic church, while others lie scattered around the grounds. After the Turkish Conquest the monastery began to fall into ruins, but in 1722 a group of wealthy Greek merchants from Chios, who were doing business in Istanbul, financed a major restoration, building a new church on the site of the Byzantine katholikon and adding a side chapel dedicated to St. Paraskevi. The iconostasis and episcopal throne are in finely carved wood. The Byzantine icons from the original katholikon are preserved in the Greek Orthodox Patriarchate in Istanbul. The icons on the iconostasis of the present church are Russian works sent in 1723 to the patriarch Jeremias III from Tsar Peter the Great.