Nice aspects but not likely to stay there again
Am a frequent traveller to NY, Hilton Diamond status so I'm comparing this primarily to Hilton hotels. 
The good:
- recently renovated, hotel is spotless throughout
- location - close to midtown shopping, Penn Station, etc. without being overrun by tourists when you leave (I appreciate the irony that I don't want to be over-run by tourists while staying in a hotel)
- service excellent - genuinely friendly staff that are very accomodating
- Rare restaurant attached to the hotel had good service, food, and ambience. 
The bad (not terribly bad but enough I wouldn't stay again)
- small rooms - I usually stay HIlton Times Square/Doubletree Times Square/Hilton 6th Ave which give you quite a bit more space than this at equivalent rates. Even Garden Inn/Residence Inns in NY give you better space. Was travelling with my wife and we found it cramped. 
- paper-thin walls - I read this elsewhere and it really is true. Example, my wife went into the wash room and I heard someone speaking, I figured she was talking to herself, or got a phone call. Turns out it was someone out in the hall, who we both could hear clear as a bell. Same for TV in room next door, was like they were in the same room. Surprising they didn't put more effort into sound-proofing in recent reno. 
- gym pretty basic. Older equipment, sounded like one of the treadmills was on its last legs when tried to adjust the tilt. 
So overall although we did like parts of the hotel and location, think you can do better at the other Hiltons in midtown.