MM, thanks for the comments. Soulds like I can get anywhere in the central city in about a 15 to 20 minute walk, where ever we decide to stay at. That's cool. For someone who gets to NYC as often as I can, that's no big inconvenience. Now if it's 0 degrees Celsius at the end of November, with a full pitcher of sangria under the belt, I might regret having said that !
As personal input, for 1st time travelers to Madrid, what neighborhood would you suggest to stay in that best represents the best that Madrid has to offer ? Don't mean to put you on the spot - I'm sure for you every neighborhood as it's positive points.