Average...some good, some not so much
The good - location and price. Really can't be beat. Assuming you don't get sick and have to spend a ton of time in your room this place is fine. 
The not so - The room itself is pretty "meh." I think if I or my girlfriend were picky it could have been an issue. The tv didn't really work right, plus it was like 200 years old. The "queen size" bed was the smallest queen I've ever seen. I think in any city other than NYC it's called a twin. The real issue, though, was the curtains; you couldn't pull them all the way shut and our room would get unbelievably bright. I mean, this is an easy fix - get curtains that pull together. The white ones they have on the windows are fine for privacy at night but actually make the room brighter in the morning sun. If you are out late enjoying Manhattan get ready to wake up at the crack of dawn.
That said, I would still recommend this place for what it is. Though not worthy of four stars, it is acceptable and the location is simply unbeatable at this price point.