There was no immediate word on casualties, the BBC reported.
The cause of the failure was unknown, although previous building collapses have been blamed on shoddy construction. Residents of the area said that construction next door may have been responsible, CNN said.
Muammer Guler, the governor of Istanbul, told Turkish television there were few people left in the building when it came down.
"Most of the people left the building when they heard cracking sounds, but a few people re-entered to get their things," Guler said.
CNN said one girl was pulled from the wreckage.
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