Just Adequate for a Ritz Carlton
My family of four including myself stayed here in December 2012 for a holiday weekend. The location is convenient to battery park and the Staten Island ferry. Its a hike from Times Square and Rockafeller Center but the subways 4,5 as well as the 1 . The check in process was smooth without a hitch. They had a small lobby area for check in but nothing spectacular. A bellman was offered and a doorman was present half of the time. There were a few decorations near the entrance of their restaurant which we did not have an opportunity to eat at so I am unable to comment on their food. 
The elevators had a security check in with your room key. Many individuals had some difficulty with this process and rode the elevators longer than anticipated. The rooms were small around 400 sq feet but well laid out with a flat screen tv and dimming lights throughout the room. The challenge was to find all the dimmers to all the lights since there was no central light control. We had two double beds which was adequate but well worn in and heavily sagging in the middle which is unacceptable for this level of accommodations. The bathrooms were small for a family of four but had both a bathtub and shower which were unremarkable. The water pressure was great! The noise level was acceptably muted. We were unable to hear other room noises during our stay. Unfortunately on the second night there was a problem with the fire alarm circuit board and very loud buzzing and noises came through the room intercoms (which I didn't realize existed). This was corrected after 15 minutes. They also had a plate of cookies and milk which my kids really appreciated. On the second night I laid my shoes out to have a complementary polish but found them back to us the next morning untouched. They shouldn't offer these services if they are unable to perform them. No note was found in the bag but the room number was written on the bag so I knew they took them to be examined. 
Housekeeping was excellent and responded promptly to our requests.
Overall, my stay at this location was at best unremarkable and for the price I find no reason to return. There are many options in NYC and if you charge high prices, you need to deliver the goods and services to compete.