Milliyoshka is the name of the area by the Ivanovskaya Tower of the The Kremlin and the start of Rozhdestvenskaya Street. In the past this area was a place where the Nizhny Novgorod poor and vagrants huddled.
Nearby (on the "Skoba") there was a doss-house for them — the very "bottom" depicted by Maxim Gorky in his famous play "The Lower Depths."
The Essence of the Phenomenon
Rozhdestvenskaya in Nizhny Novgorod, beyond Milliyoshka, was before the October Revolution the hub of offices of local wealthy men who "juggled millions," and formed a kind of "Nizhny Novgorod City." The beginning of this street, however, settled by poor troublemakers, came to be called Milliyoshka ironically. Over time the ironic shade of meaning was forgotten.