Great Value
I'm basing my good review on the relative inexpensiveness of this hotel. The room was tiny (as is noted everywhere else here so that came as no surprise) and the bed was very comfortable and clean. The room and hotel were well kept too but my issue was with the bathroom. If the bathroom shower didn't look like it had been neglected for quite some time I would have given this place a perfect score. 
This hotel is on a VERY busy street so expect lots of street noise. We didn't mind since the beers the night before helped us ignore it. This hotel is located on a very busy street corner in Chinatown so expect to have to wade through throngs of people to get here. But for $200 in Manhattan this was a good deal. The front desk people were friendly and relatively efficient. They also let us leave our bags at the front desk while we walked over the Brooklyn Bridge the day we checked out which was great.
You can walk to so many great places from here if you're not afraid of a little exercise.