Good value
My wife and I stayed here 7 nights in September of 2012. The check-in was quick, the room was clean and larger than I expected. The bed was great, the air conditioning worked well, and the staff was friendly.
We really liked that its location 1 block South of the Empire State Building gave us a great landmark to gauge our location while sightseeing around the city. There are Korean restaurants very close, a bakery next door, an ice cream place across the street. Around the corner there's a really good pizza place. Penn Station is 3 blocks away. 
It's a 16 story building and we did find the 2 elevators could get slow during busy hours. The breakfast area is small and usually crowded, although clean and well maintained. The continental breakfast is not their best feature but is adequate and the coffee was really good. If you want a better breakfast, feel free to pay big dollars elsewhere ;)
The hotel is a great value for Manhattan. We would definitely stay here again.