The correct spelling of the word is "monastery". It is pronounced as /ˈmɑːnəstri/. The word refers to a building or complex occupied by a community of monks living under religious vows. The word can be broken down into two parts, "monk" and "astery". The suffix "-ery" is used in English to form nouns denoting a place or building where something is kept, made, or done. In this case, it is a place where monks reside and practice their faith.