Good hotel, great location.
Although this hotel is on the expensive side (we splurged because we were on our honeymoon), it was a nice stay. The room was small, yes, but it was clean, comfortable and the decor made it more luxurious. The furniture and bathroom fixtures are all pretty new so the place feels well maintained. Cleanliness is a big issue for me and this place was spotless. 
We were on the 12th floor, so nice and quiet. The staff was friendly and helpful. The hotel is located VERY close to a subway station that takes you straight into downtown Manhattan (short ride to Times Square). You are a short walk from Central Park and you are on a street with lots of great restaurants if you come home from a long day of sightseeing and don't want to travel all over the city just to get some good food.
The hotel itself doesn't have a restaurant, but it is connected to the French restaurant next door called Nice Matin. It has a nice breakfast menu. Not super cheap, but on par with the rest of New York City. The food was good. We ate breakfast there every day and had dinner there one night. If you can afford to stay at The Lucerne, you can likely afford this restaurant. I would go back to this hotel again.