In the late Ottoman era, Asmaaltı—often referred to as “Istanbul’s pantry” and located next to Balıkpazarı, Tahtakale, and the Egyptian Bazaar—emerged as a vital node within the trade axis connecting the Golden Horn to major commercial centers such as the Grand Bazaar and Galata. This article examines the micro-scale, yet historically significant urban space within the broader context of World War I and the Ottoman Empire’s wartime economic policies. As the war progressed, intensifying economic pressures—exacerbated by the blockade of the İzmir port—amplified Asmaaltı’s strategic role. In response to deteriorating conditions, merchants shifted operations to Asmaaltı and adopted survival strategies such as stockpiling and hoarding. At the same time, the Ottoman state sought to stabilize the domestic economy through interventions such as price controls, anti-hoarding regulations, and export restrictions. These state measures, combined with merchant responses and the effects of the blockade, contributed to a significant restructuring of existing trade networks. Within this framework, the article interprets the era’s widespread speculative practices not as mere opportunism but as expressions of deeper structural transformations within the wartime economy. Ultimately, by focusing on that Asmaaltı played a role in sustaining Istanbul’s economic vitality, the article offers new insights into the transformation of urban commerce during this critical period.