Nice but has it's issues for the price
Stayed there in November 2012. With a significant discount, it cost us 300/night.
The room itself is tiny. This is about 2 feet around a double bed. That is what it is for Manhattan. That said, I'd say you could take a good foot off the space they have for the bathroom and give a bit more room in the living area so you can deal with luggage and shopping. That's why you come to NYC right?
Location is pretty good. It's sort of in the middle of key locations but for that reason, a fair walk from anything. Though bear in mind, I wouldn't stay in Times Square if you paid me. It is shear chaos. 
Bed comfortable. Room clean. Hallway REAKED OF SMOKE. It is a non smoking hotel and my companion had to pop downstairs to the lobby at night because there are no verandas. No skin off my back since I'm a non smoker. BUT CLEARLY, others are risking the fine and smoking in the hallway or in their rooms because it stank of smoke.
The bath room window has NO COVERINGS. Instead they've opted for a decorative decal which POSSIBLY obscures your identity but does not entirely hide all your bits and pieces. I reckon if I can clearly see details like the lap and printer in the window across the airshaft then they can see me sitting on the can or in the glass shower stall. I did what I could with the lights out. SERIOUS ISSUE FOR ME. I tried to hang a towel but the windows are too big and there are neighbors not 10 m's across the airshaft up and down.
Heating system was messed up. NO MATTER WHAT WE DID, the VERY LOUD FAN for such a small room WAS VERY VERY LOUD AND it was like a sauna in there. Luckily the window in the bathroom opens up.
Lobby is cute and there is a bar in the lobby. 
FREE internet was TERRIBLE. IT only worked in the room if we left the door open or stood in the hall. If you're inthe lobby, refresh your connection because it is different from the tower so choose the stronger signal. If you are so much as a foot away from the door you will not have ANY usable signal. You'll see a couple of bars but it will not allow you to do anything. Facetime or Skype only works from the lobby.
I had a pretty big issue with the bell man. Every single person he helped with the bags (Hotel, it was the dude who wears the black jacket slightly short of the two was working Sunday morning through midday), he tried to talk into taking a gypsy cab but HE WAS NOT forthcoming with the details that these are offlicense uninsured drivers. He also sold them the rides to the airport 'at the same cost as a taxi'. He would tell us that it's the same cost but I can arrang it for you. Which I reckon means he's pocketing the difference. The HOTEL SHOULD BE AWARE OF THE LIABILITY of a staff member IN THE HOTEL pushing gypsy cabs without the appropriate warning and scamming the guests.