Just Ok. You get what you pay for.
The location is AMAZING! 1/2 block from the SW corner of Central Park...just off Columbus Circle. You can walk to many things...many museums, CP, Times Square...the subway is very close. 
We booked through Priceline so I'm not upset about the price, but if I would've paid full price I would've been disappointed. The rooms and hotel were clean. The staff was the best part (especially the housekeepers). Every time you passed one..even if it was the 3rd time in 15 minutes they said hello and offered assistance if you needed something. 
I would NOT recommend this to people with kids, especially small kids or for a romantic weekend. Mostly for business, solo, or a quick weekend in the city when you know you won't be in the room. 
The rooms are "cabin size." Much smaller than anticipated. If it's just one person it would be fine as long as you don't have a lot of luggage. It was quite cramped and it was only myself and my husband for one night over his birthday. We live in close so the only luggage we had was a small carry-on. That being said, the designers made good use of the space. There is a full bathroom, small desk and TV mounted to the wall. There is about 2 feet of room on either side of the bed. The bathroom was even smaller.. The shower is about 1/2 the size of a regular one and I could touch both walls with my hands easily. For women, there isn't much room at all to get ready especially if you have to share the mirror. The windows are old and need replaced, quite drafty. You can hear the water running throughout the night b/c it is an old building. 
There is a bar with a pool table and an amazing outside space with a bar that is open during the summer. There is also an a la carte Tapas style restaurant with sports playing over the bar on large projection screens. I don't think most of the people there were guests. The food wasn't very good and it was overpriced. Go out to dinner elsewhere. The waiters were also not very attentive since it is a la carte.