Book through iprefer to get an upgrade and free wireless
I stayed at the Stay. in February 2012. The price/value is actually pretty good for New York, as is the location (if you want to be close to the Times Square tourist madness). But I've stayed at a couple of nicer hotels in NY, therefore I just can't give more than 3 points. But it is close to four.
The best tip I can give you: Book through the iprefer loyalty programme (iprefer.com). Then you are entitled to a room upgrade if available and free wireless. Problem is that the receptionist had no idea about this, so I had to stay in a standard room the first night, which was probably the tiniest room I have ever seen. I couldn't even open my suitcase properly.
The next morning at least they upgraded me with no discussion. The Wireless is actually free anyways on a 1-hour connection cycle, but convenient to have it free for the whole stay so you don't have to log in again all the time.
Windows seem to be rare, even my upgrade room only had a tiny one.
All in all: For that price certainly one of the best deals you can get in NY. But if you want to stay in a really nice hotel, it may be worth investing that 50-100 bucks more per night.