There are much better hotels in the same area for a fraction more money.
My husband and I stayed here for 3 nights on our arrival in NYC (as part of our 9 night stay in NYC). We chose Stay because our first choice was not available these nights and this was recommended by Lonely Planet. 
We booked months in advance and arrived after midnight on a Saturday night due to flight delays and 30 plus hours of travel. The reception area was swarming with people from the hotel bar (better described as a night club) and the music was pumping. On check in we were told the only room left was on the 2nd floor (directly above the bar). We were told the music would end at 2.30am. After 3am the music was still thumping, right through our floor, we phoned reception who said they would see what they could do. The music did not finish till after 4am. Less than ideal in a hotel bar!!! The staff were unapologetic. 
We had a Double Room which was tiny, barely enough room to walk around the bed, and no room once you had your luggage in the room. Rooms were tired, same with bathrooms. 
The reception area was the best part - modern and included free wifi in public areas downstairs. The rooms do not match the reception area.
The location is right in Times Square, but the area is dirty, there are nicer streets to stay close to Times Square. After our 3 nights here we moved to our first choice hotel, Distrikt Hotel, which was amazing and only $20 more a night. I would not stay at the Stay. again.