Lousy in so many ways
Absolutely appalling front desk behavior. 
Rooms tiny with hard beds, outdated furniture, tiny TVs.
Water pressure weak on higher floors.
Run down hallways and slow elevators (can take you up to 10 minutes to get down to the lobby in the mornings).
Spotty Internet. 
But the unprofessional behavior of the front desk staff really is the real reason to stay away from this place. 
Location can be a plus if you need to be around the midtown area, but note that it can get loud if you are staying in a room on a lower floor facing 8th Avenue. The soundproofing on the windows isn't the greatest. 
I did tip the housekeeping staff handsomely--felt sorry that they had to work in this mill.