Nice location, gorgeous lobby, but 2.5-3 star rooms at 4 star prices...
My family stayed here for a recent vacation trip to New York City. It was our first time in the city and we wanted to stay near the "action," and this hotel just a couple of blocks from Grand Central Station and a short walk from Times Square is definitely a perfect location. This historic hotel was built in 1924, and the architecture, while not spectacular, is certainly historic and attractive. The lobby of the hotel is very attractive as well. Again, not spectacular, but very typical big city hotel looking and appropriately grand. Other highlights are the excellent concierge service, friendly and helpful staff, and decent views from the rooms.
The letdowns begin really with the room. We had a "Superior King" room, which was thankfully only a single king-sized bed, because surely there was no room in that space for two beds. However, small I can handle. However, besides being small, it was just pretty "blah." I was expecting a boutique hotel for some reason, and this isn't it. The room could be a shrunken-down and somewhat run-down Marriot in any city, USA. Mold in the tubs, floor tile, tiny bathroom, tiny toilet, old, but not classic or historic, bath tub/shower combo. The A/C unit was also not particularly great. It's a wall-based unit, much like a motel, and you CANNOT open the window for fresh air. They're sealed. The lows were 58F in NYC when we were there in June... perfect night to crack open a window, but instead we sweltered in our own humid recycled air from the inefficient A/C unit.
I would say the cleanliness state of the room was also poor. I would expect better in a Super 8 on a rural highway, or ANY hotel for that matter, let alone a $250/night hotel. There were thick layers of dust on everything in the room. The wireless Internet provided by AT&T is NOT free, it's $15 per DAY PER DEVICE. So if you have your laptop and iPad, that's $30/DAY to use the wireless in the hotel. That's just insulting, when once again, you can get this for free at a Super 8, and even in cases where there is a charge, it should be one charge PER GUEST ROOM, not per DEVICE. I vaguely understand charging for wi-fi in business-oriented hotels, but the Roosevelt is primarily filled with tourists like us, and I felt this was just a ridiculous price gouge. The end result is we didn't subscribe to the wi-fi and went without.
Okay, to summarize and make a few other bullet pointed items not mentioned above:
THE GOOD:
*Superb location near Grand Central, Times Square
*Attractive lobby
*Attractive architecture
*Efficient and friendly staff
*"Okay" bar on-site (pricey)
THE BAD:
*Very "blah" room. The smallness could be overlooked if it were more boutique-hotel quality, but it was bland, like any aging hotel room in any city, any hotel, USA.
*Less-than-stellar cleaning job on the rooms. The dust layers were just ridiculous, and the mold in the bathroom unforgivable.
*We paid an average of around $250/night for the cheapest king-bed room in the hotel (using Internet sites to get the best possible price), which ought to match this hotel's 4-star rating, but the room was absolutely in no way more than a 3-star room. In fact, I would place it at 2.5 stars if given an honest opportunity to rate the hotel room. 
In conclusion, in Houston, Texas were I live, $250 gets you a posh, uniquely decorated and furnished king bed room at the nicest 4-star boutique hotel in town (Hotel Icon), in the heart of downtown, and apparently in NYC it gets you a tiny, dirty, moderately comfortable room in a falsely rated 4-star hotel. There are very likely 4 star rooms in this hotel, but not the ones you get for $250/night. As far as I'm concerned, that's false advertising. 
That said, if I had paid $125/night for this hotel in NYC or $59.95 in Houston, I wouldn't complain at all. But at $250 a night, I feel ripped off.