Karaköy is one of Istanbul’s most historical areas, a part of town that was once at the heart of the city’s economy. Yet despite its historical importance, today this area is relatively overlooked, with trendier Galata grabbing the spotlight. Nevertheless, Karaköy remains a fascinating area in terms of both what it once was and what it is now becoming.

Karaköy's History

Karaköy used to be considered a part of the greater Galata neighborhood, but the area was renamed in the 19th century for the Karaite Jews who had settled there. During the Byzantine period, Galata was a Genoese trading colony that was quasi-independent and walled off from the rest of the city. At one point, this port had one of the busiest harbors in all of Europe. The area very much had its own distinct character. In fact, according to historical records and illustrations, Karaköy looked much like any other Italian city in the 15th century. Echoes of this past are still visible in the architecture today.

During the Ottoman period, the area became the city’s financial district, the center for banking and commerce, where all the major banks and insurance companies were located. Banking in the Ottoman Empire was strongly associated with minorities, and over the years, the area became home to a large non-Muslim population, with many Italians, Greeks, Armenians, and Jews moving in. Overcrowding eventually pushed many of these communities up to the Beyoğlu district, but this cosmopolitan period in Karaköy’s history is still evident from the numerous churches and synagogues in the area, though very few of these are still functional. In fact, Karaköy is even home to Istanbul’s Jewish Museum, located in a restored synagogue.

A relic of this commercial past is Bankalar Caddesi, a street leading up towards Galata Tower. Bankalar Caddesi was one of the most important avenues in 19th century Istanbul. Sometimes referred to as the Wall Street of the Ottomans, this used to be called Voyvoda Street, and was where all of the major banks and insurance companies had their head offices. Although the banks have now mostly left and have been replaced by lighting shops, the street is still lined with impressive and imposing buildings, many with beautiful architectural details such as ornate tile work. What used to be the headquarters for the Ottoman bank now houses the Ottoman Banking Museum, the city’s first modern bank where even harem eunuchs held bank accounts. Today, you can explore the original vaults and examine loan contracts between the bank and the Ottoman government, while the exhibits also offer fascinating insights into the social, economic, and political environment of the late Ottoman period.

It is on this street that you can also find the art nouveau-style Kamondo staircase, well-known because of the famous 1964 photo by Henri Cartier-Bresson. This staircase was commissioned in 1869 by Avram Kamondo, the wealthy head of a local Jewish banking family. While the architect remains unknown, we do know that the stairs were built to provide a shortcut to reach the Galata tower, making it easier for Kamondo to get to work. Supposedly, the staircase was built in its unique curvaceous style to make it safer for the Kamondo children – if they slipped and took a tumble, they would not have a long way to fall.

Modern Karaköy

The area’s recent revival can be traced back to the opening of the Istanbul Modern Museum in 2004. Housed in a converted customs warehouse, this is Istanbul’s answer to the Tate Modern. A welcome addition to the city’s art scene, the museum has an enormous 8,000 square meters of exhibition space, with an excellent selection of modern Turkish art in its permanent collection. Through its temporary exhibits and its hosting the Biennial, the Istanbul Modern has been integral in introducing international artists to local audiences. The museum also has a great restaurant and café, with suitably minimal décor and stunning views across to the Anatolian side and the Old Town. The area surrounding the museum has now become a popular student and tourist hangout, with many cheap and cheerful nargile cafés.

Today Karaköy is still strongly linked with the sea, as this is where mammoth cruise ships dock when visiting the city, as well as ferries from Kadıköy and Haydarpaşa. And as is the case with many ports throughout the world, Karaköy is also still known for a more unsavory type of commerce: a very large brothel is located in this area. You will also find a plethora of diving shops and mechanical, electrical, and plumbing parts suppliers. Yet despite this slightly gritty underbelly and working-class feel, you can still see a fair number of tourists from the cruise ships walking around, and the area is home to a number of architecturally interesting buildings.

One such building is Karaköy Palace, located in Karaköy Square. Built in the 1910s and designed by Levantine architect Guilio Mongeri, who also designed the St. Antoine Catholic church in Beyoğlu, this building resembles an Italian palazzo, but with strong Byzantine and Ottoman influences. Other noteworthy buildings are located on the street behind the harbor. One in particular stands out, with décor that is so ornate it resembles a wedding cake. Its actual function, rather incongruously, is a police station.

Karaköy has also started attracting local foodies who are drawn to the area for a handful of good-quality restaurants and high-quality food shops. Housed in a beautiful tiled building that used to be the Estonian embassy, the family-run Karaköy Lokantası was established in 2000, and has long been a favorite with in-the-know Istanbulites. Karaköy Lokantası is known for offering consistently delicious Turkish cuisine at reasonable prices. Among local businessmen, this is one of the most popular lunch spots in the neighborhood, while in the evening the atmosphere is more like a meyhane (Turkish tavern).

Not to be confused with Karaköy Lokantası is the Tarihi Karaköy Balıkçısı, located just across the street. Despite its rather unassuming façade, once you climb up to the top floor you will be greeted with a phenomenal view of the Old City, just across the Golden Horn. Open since 1923, this restaurant is deservedly famous for its hearty fish soup, considered by many to be the best in the city. Just be careful not to fill up on soup and meze, for the fish mains are not to be missed, particularly the sea bass cooked in paper, which is perfectly steamed and succulently flavored.

Another upscale option is Karaköyüm restaurant, which also has a spectacular view of the Golden Horn and Galata Tower. This restaurant serves traditional home cooking as well as a few international options, with a beautiful bar and elegant décor. Particularly popular with foreigners is Akın Balık, which serves up good fish alongside incredible views. Set right by the base of the Galata Bridge, Akın Balık is a casual eatery that is ideal for watching the sun set on the Golden Horn. Dining on narrow tables covered with paper instead of tablecloths, you’ll appreciate the simplicity of enjoying an ice-cold beer or a glass of rakı along with mezes, fresh fish, and the company of your good friends.

More of a newcomer to the area, Lokanta Maya is already very popular thanks to its concise and creative menu, which features Turkish cuisine at its newest and freshest. Maya specializes in fish that is grilled to perfection as well as regional mezes. The restaurant’s accomplished chef, Didem Şenol, has traveled extensively around the country’s Aegean coast, and has in-depth knowledge of the region’s products. While the décor may be a little too minimal for some people’s tastes, it helps keep the focus just where it ought to be – on the food.

For meat lovers there is no better place than Namlı Gurme, which has two branches in Karaköy. One is a restaurant and the other is more for food shopping, although it also offers a casual dining option. Particularly popular for their brunch buffet, Namlı produces a wide range of meat products, including sausages and cured meats, as well as their own cheeses, olives, and breads.

If you’re craving something sweet, then head to Karaköy Güllüoğlu, considered by many to make the best baklava in the city. Güllüoğlu still uses its original 1871 recipe, although now there are many varieties available, including chocolate-covered baklava, and şöbiyet, a flaky, triangle-shaped pastry stuffed with pistachios and cream. The charming Bej Kahve is a sign that the area is slowly changing, though still far from being gentrified. Located in a recently restored pasaj, or shopping arcade that would not look out of place in any European city, Bej Kahve is connected to Kağıthane, or the House of Paper, a delightfully quirky shop selling just about anything made of paper, including notebooks, stationary, calendars, bookmarks, and even coasters and other decorative household objects. They also sell tote bags, jewelry, and accessories with Istanbul designs, all by Turkish designers. 

Compared to nearby areas such as Galata and Cihangir, Karaköy is a bit of a strange place – you can very much feel that this was a business and administrative area rather than a residential district, as it does not quite have a neighborhood feel. But it is just this difference that has helped Karaköy retain its own character. Walking along the streets, you can catch a glimpse of a building or street view that looks completely European, straight out of a slightly run-down Italian city. But with your next step, the walls of a crumbling old hamam or hardware store instantly transport you back into a very Turkish scene. Not as trendy or developed as its more fashionable neighbors, Karaköy offers a rare glimpse into Istanbul’s commercial and cultural past.

Originally published in The Guide Istanbul September/October 2011 issue

Related Content

Editor's Choice

Karaköy Lokantası: Tradesmen's Restaurant 1.0; by Talya Arditi

Editor's Choice

Istanbul + Nostalgia + Humor = Kağıthane; by Talya Arditi

Reviews

Lokanta Maya: Local, Regional, Seasonal; by Talya Arditi