This barrio is right next to Lavapiés and quite similar in feel.

La Tabacalera:

The main thing I want to say about Embajadores is that they have a really cool art center called La Tabacalera. It is based in a building that used to be a tobacco factory (thus the name) They have studio space, free classes, and groups in everything from tango, to carpentry, to acrobatics. I recently went to see a friend’s choir performance there and happened upon a full size wrestling ring in which an extravagant choreographed version of a Mexican Lucha Libre fight was taking place! They also have art and “Hecho de Mano´´ sales fairly often.
La Tabacalera, Calle de Embajadores, 51, 28012