Good for families
My wife, myself and our two school-aged children stayed here for four nights in May, and we found the hotel to be comfortable, quiet and well located. 
I only have a few minor gripes. First, they don't supply roll-away beds, and sharing two double-beds for a family of four was a bit cramped. We ended up booking a separate room for two of us one of the nights. The suite looked nice (we peeked in), but it's very expensive at around $500 a night. We could have gotten a regular room with queen beds instead of doubles, but the price would have jumped.
Our smallish room was $350, which I consider somewhat high for what we got. I realize prices for Manhattan hotels are crazy, but this hotel was pretty empty most of our stay. They might want to consider rolling back prices a bit.
Though the room was small, it was very clean and pleasant. We had a nice view north from the 11th floor. 
We loved the hotel's location. It's so close to many restaurants and the park, as well as the natural history museum. If you want to stay in a real Manhattan neighborhood, as opposed to the touristy, crowded and noisy Midtown/Times Square area, this is a great choice.
I'd actually give it 3.5 stars, not 3. The price is what keeps it from being a 4-star review.