It is without a doubt one of the places with the most opportunities you can find in Madrid. It is full of terraces, and good pubs for those who like beer. You can find it in the Huertas area, very close to Puerta del Sol, very centric.
It has an interesting cultural element: it is dominated by the statue of the poet Fedrico García Lorca and, in front of him, there is the Teatro Español of neoclassical style. Talking about genius, in the back of the square you can view the statue of Calderón de la Barca, and just behind there is the Victoria Hotel, of art deco style.
It has something special because it is an area with a lot of people, both during the day with the terraces as at night with the pubs and bars.