This study focuses on an old quarter of Beyoglu in the city of Istanbul, called Asmalimescit. In the last decade this historical settlement, where once out of sight taverns, artisan shops and artist ateliers were used to be located, became a favored place for urban nightlife activities and entertainment. Both the historical pattern of its built environment and the lifestyles of its users have significant influence on the socio-cultural transformation of the area. At the same time the neo-liberal economy and the global culture politics that are transforming the area are reflected on the architectural production in the area. Transformation can be investigated in relation to the concept of identity. This study aims to interpret the identity of Asmalimescit, which is in a state of Becoming, as Lefebvre puts it "a continuous development ... punctuated by leaps." In this regard, the prevalent and ongoing transformation of the identity of the area is read through relational experience. The superimposed relations of the tangible and the intangible stimuli of the area are studied through a parallax position. Could understanding Asmalimescit through the concept of identity interpreted as Becoming problematize the relations of materiality and immateriality and generate alternative ways of dealing with the effects of globalization?