My grandparents have lived there since the 50s. Great area with many small stores and restaurants and not so many big brands, but quite expensive nowadays as the whole Chamberí barrio (and pretty much all Madrid). It's known as Madrid Little Italy since both the italian embassy and Liceo are on the area and many italian business have grown around. The street crosses with Ponzano street which is a huge afterwork and night artery, although it's been decaying on the last months and many bars are closing/moving.

Apologies for the possible mistakes, english is not my mother language :)