This used to be the city centre of Rostock in the past. Now, it's a quiet cobbled square surrounded by some cute residential brickstone houses and the Petrikirche. Hardly any tourists know that this beautiful place exists, even some locals have never been there.
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To get a full picture of the city, you should definitely check out this place and get lost in the nice cobble streets leading away from it. The historic quarter of the town has a different flair than the lively 'newer' town centre around the Neuer Markt and the Kröpeliner Strasse. You'll come across some cute little shops, galleries and cafés.
Wear comfortable shoes. This hilly cobbled quarter is not enjoyable in heels.