Central location, hip but noisy
My boyfriend and I stayed for 4 nights in early October. We stayed in a queen room, which was adequate for 2 people (by NYC standards).
The positives - central location. We could walk to both uptown and downtown. Very close to a subway station which we took very often and also to Fifth Ave for walking and shopping. The hotel room decor was fun (sort of 'roadie chic' - we had a neat horn travelling case for a coffee table). The bar in the lobby was always hopping and a good place to have a few drinks. The adjacent restaurant was delicious for breakfast. Staff were responsive - we had an issue with our cable TV the first night and it was rectified quickly with a nice note.
The negatives - very noisy. We faced the street and there is a taxi stand, a mosque and a 24 food stop right outside, plus people exiting the downstairs bar can be noisy. The windows are not double-glazed. I've stayed in NYC previously and this is just a must. We got ear plugs and it still didn't really help. This made it not great value for the cost. I also found, and this is a personal thing, the constant action in the downstairs lobby (daytime - students and young professionals having coffee and working; nightime - bar) was a bit chaotic and made me generally a bit frazzled during the stay.