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On the sign:
[Emblem of the city of Madrid]
EN ESTE LUGAR ESTUVO DESDE 1547 EL
MONASTERIO DE SAN FELIPE
CÉLEBRE POR SUS GRADAS O MENTIDERO «DE DONDE SALÍAN LAS NUEVAS PRIMERO QUE LOS SUCESOS»
This place was home to a monastery built between the 16th and 17th centuries, but was most famous for the Stairs of San Felipe, which were a center of gossip and news in the city of Madrid.