There is a stone which was erected as the establishment commemorative by Sultan Abdülmecid when Teşvikiye was established. Located next to the police station at the present time, this stone used to be situated in the upper corner of Nüzhetiye Avenue until the early 1900s. In this location, which can be defined as the centre of Teşvikiye, where two streets intersect, waited the vacant land of a wracked mansion for its new owner. 

Hacı Mustafa Efendi, who settled in Istanbul having escaped from the Russian invasion, purchased this land revealed after proverbial mansion of Kara Tahsin Paşa, named as “Kara(the Black)” because of the fear he spread, was pulled down. A fez merchant from Erzurum, Hacı Mustafa would invest all of his money he made off trading on these corner buildings above squares.

Having purchased this land at the centre of Teşvikiye, he had a charming six storey building with large and small four apartments on each floor, watching Teşvikiye and Hüsrev Gerede Streets on one side and the entire of the Sea of Marmara through the Dolmabahçe Valley on the other side. This memorial building reflecting the architectural characteristics of its time aesthetically was named Narmanlı which would later be the surname of Hacı Mustafa.

Many artists, historians and important statesmen have lived in this historical Narmanlı Apartment Building up until today. One of the most popular districts of Istanbul from of old, Teşvikiye has a lively and hectic structure interlocked with art and life and still featuring all sorts of divergences of this huge city. Narmanlı Apartment Building occupying the most beautiful corner of Teşvikiye keeps existing as a significant cut stone both forming this structure and benefiting from it.