As previous reviewers have said, the hotel is very well located, and only a few minutes walk from the Grand Bazaar and (more importantly) the T1 tram route which gives you fast and inexpensive access to the whole of central Istanbul. The street itself is not smart, but appears safe.
The hotel is very different from the usual international offering, but in a good way. It is decorated in the Turkish style with ornate painted ceilings and has a slightly old-fashioned feel to it which only adds to its charm. It is in fact two buildings which have been knocked together - the rooms to the right are the junior suites and have their own lift and stairs and are somewhat quieter as there are only 8 rooms that side. The rooms at the back were quieter although had no view.
Breakfast was great - served on the roof terrace which a large choice of quality freshly-prepared food which was kept fully replenished until service finished at 1030.
The reception team were always available and always helpful with advice, such as how to use the tram!
One piece of advice - do not bother with an organised Bosphorus boat trip, but just use the ferries to cross and recross this wonderful seaway using your Istanbulkart. Your will have a much better experience and save yourself a lot of money!