Konstantinopol’skiy Kommercheskiy Klub (Constantinople Commercial Club) was probably the most popular Russian club in the Beyoğlu district between 1924 and 1926 (along with the Rose Noire where painter V.P.-Tch. created an oriental performance). Here, not only Russian émigrés but also local residents and foreign guests in the city could enjoy the club’s constantly updated and varied entertainment programme. The locale, situated first at Grand Rue de Péra (now İstiklal Avenue) 77, later – 322; in the summertime – Pangaltı neighborhood. It was at its peak of popularity in the spring of 1925. During that period, the club was managed by its chairman Nikolai Ilyin-Chesmensky (Николай Ильин-Чесменский), who made both Russian émigrés and non-Russian visitors feel at home there. Interestingly, one Russian journalist believed that the secret of the club's success was in its “spirit of indifference to politics and non-partisanship”. Most likely, he meant that people went there for recreation. It should be noted that in terms of entertainment, the club was indeed quite successful, firstly, because it invited the best (mostly Russian) artists in Istanbul at the time to fill its evening programmes, and secondly because the programmes were constantly updated. Events organised by the club in the spring of 1925 included: piano recitals under the direction of Korvatsky; an evening with Russian painters, including an artistic cabaret ball (the club's main decorator was Leonid Tomiloff); a sightseeing tour to the Yedikule district; ballet performances featuring the one and only Vorobyova; gypsy songs and dances; concerts performed by Zamoulenko’s orchestra; and “an evening of a Russian woman”. In the autumn of 1925, the following events were added to this repertoire: a foxtrot competition with prizes; a matinée performance of the Russian-Bulgarian sports club; a matinée performance of young artists under the patronage of Robert College professor, Charles Edward Estes; a comedy-operetta in Ukrainian, and more. In addition to the entertainment programme, the club was also famous for the daily dances with a jazz band which it hosted and for the first-class cuisine it offered, with a three-course table d'hote and wines from Russian and foreign cellars.

The opening of the club season in the autumn of 1925 was described as follows: “Russians from all over Russia, no less foreigners, the Persian embassy with Mr. Ambassador, Bulgarians, Turkish families, festive mood in the club. In accordance with the good mood, the program is colorful and cheerful... The evening was a success: it was noisy, fun and even... crowded” (Anonymous, “Otkrytiye Klubnogo Sezona”, Vecherniaia Gazeta 16 October 1925). In November, dancing evenings were punctuated with concerts performed by the salon orchestra, and by performances by the Panteleev Circus, which featured jugglers, clowns and even trained animals, among which a horse and an elephant are mentioned. Nevertheless, on November 15, something raised a red flag within the club, as a result of which an emergency meeting of the Council of Captains was convened. Most likely, this was in reaction to the prosecution of a number of owners of entertainment locales, in which, contrary to the rules, music continued to be played after midnight (evening events at the club began at 10pm and continued until morning). The following announcement concerning the club in one of the Russian newspapers confirms this: “The newly renovated halls of the Kommercheskiy Klub are now very comfortable and the audience willingly attends club evenings. Some criticism is caused by the ease of entry to the club. Besides that, it would be better to start the events of the concert repertory a little earlier” (Anonymous, “V Kommercheskom Klube”, Vecherniaia Gazeta 30 November 1925). The starting time of evening events and ease of admission were not the only problems, however; the whole concept of the club came under review. As a result, in the winter season, more and more family events began to appear – most likely at the insistence of the city municipality. Over time, the number of events decreased markedly and poor attendance started to become a problem, although this did not prevent the club’s management from holding an evening in memory of Arkady Averchenko at the end of December, a free New Year’s party with gifts for Russian children, a New Year’s masquerade ball, at which the queen of the ball was chosen, and a New Year’s Eve dinner with tables booked in advance. Without a doubt, spending on events began to exceed revenues and the club ran up debts. After the re-election of the Captains, Shelovitsky became the new chairman and took up his duties in 1926. This appears to have been an unsuccessful rescue attempt but the biggest mistake of the club's leaders was turning their backs on the Russian-speaking refugees by prefering to them local Levantine clients. This caused the opening of another Russian club in Beyoğlu that was supported by many émigré journalists, writers, poets, artists and painters (including Nikolai Kalmykoff, Ibrahim Safi, Nikolai Saraphanoff, Dimitri Ismailovitch and Roman Bilinski). The exact date of the club's closure (and its opening) is unknown.