Right in the heart of it all
Stayed at Hotel Edison on recent Saturday and Sunday nights, just me and my 10 year old. 1st time to NYC so thought staying smack in the middle of TImes Square was best. 
Hotel is very old. There was not an individual thermostat control for each room, front desk said all hotel is the same temp. 
Windows opened (we like it colder than most) and luckily it was pretty cool outside. No screens on windows on 16th floor, seemed weird.
Room was very tiny. Planned on only using it to sleep so wasn't worried when booking, but still a bit shocking when seeing in person.
Concierge Andrew was nice and helpful.
Edison Cafe in hotel was nice for breakfast 1 morning, average prices (for nyc).
If I was going with my spouse, would definitely pick a newer, nicer, more modern place. Fine for a 2 night stay with my kid though. 
About a 15-20 minute walk to Central Park.
About a 2-3 minute walk to Rockefeller Center.
About a 30 second, 1 block walk to the absolute center of Times Square.