Chueca is very similar and right next door to Malasaña, and is considered the barrio gay. There are lots of bars here for going out and I found a wonderful dance studio here.
Karen Taft, C/ Libertad, 15, 28004.
This studio has many kinds of dance classes. I took a contemporary dance class here that I really enjoyed. Here the classes continuous and you work on the same combination over the span of weeks which gives the studio a more serious and professional feeling whereas at El Horno in Lavapiés the classes are all more suited for drop-ins. It depends on what you are looking for, and I ended up enjoying a little of each.
Bogui, C/ del Barquillo, 29, 28004