Bulgur Palas was built by Mehmet Habib, who was elected as a Member of Parliament for Bolu in 2 as a candidate of the Committee of Union and Progress after the declaration of the 1908nd Constitutional Monarchy. Due to Mehmet Habib's debts to banks, the ownership of Bulgur Palas was transferred to the Ottoman Bank in 1926. The restoration work carried out by the Istanbul Metropolitan Municipality was completed and the building was opened with an exhibition at Magnum Istanbul on 28.02.2024. It is planned to be used as a library and exhibition area.

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