Some good points, and some minor things which could be improved
I searched long and hard for a reasonably priced hotel in NY for 4 nights in June. This one had come up a few times because of the price, and then I finally booked when I met someone who had stayed recently and they said it was "ok".
And it was ok on several points, which are:-
1. Location - nice neighbourhood, very safe, close to Subway, lots of restaurants around. Quiet. I was not disturbed any night. I was on the 8th floor.
2. Cleanliness of room - Housekeeping did a good job and they replenished amenities daily.
3. Upkeep of room - the bathroom seemed to have been renovated recently. THe rest of the room was fine. I had a single room which I knew was going to be small and this was NOT a problem for me because I only spent a couple of hours in it per day. The mattress was very comfortable. No aches and pains.
4. Dario the doorman - friendly and very helpful. Also could answer my many questions. An asset to the hotel.
5. Coffee machine.....on request. - coffee and creamer/sugar packs replenished daily, and plentiful.
6. Refrigerator and microwave in room.
7. Luggage rack and cupboard with hangars - as minor as that might seem, with a small room, having somewhere to put your suitcases meant I didnt have to trip while walking around the room.
The minor points which could be improved, and would have made me given it a 5 rating are:-
1. Check in procedure - As a trainer in customer service, this is one area where just a few added procedures in the process would have made a huge difference.
- At first I was given a lower floor room. My reservation request had been for a quiet room, so I asked if this was going to be quiet. The receptionist then changed it to the 8th floor. That said to me that they had not looked at the request before and assigned a room prior to my arrival. That's easy to do and would have shown that I wasnt just another random reservation. When I went to the room, Housekeeping was still cleaning it.
- When giving me my key, the Receptionist said out my room number, instead of pointing to it on the keycard holder on which it was written. There were other people around. As a single female traveller, you want to ensure there is no compromise on security issues.
- The Receptionist did not enquire whether this was my first time in NY and whether I needed a map or any information. I did, and they had maps available. I had to ask for it. I agree with previous reviews which said the Receptionists were less informed than they should be. They also did not anticipate what info or services you might need, because there was not much interaction during the check in process. THere was only one other guest waiting at the time I checked in.
- There is no folder in the room with basic information such as about the internet, about getting back to the airport etc. So it is even more important for the employees to be forthcoming with information.
2. No free internet. Can't understand how in this age of technology, a hotel doesn't offer free wifi. It's not that expensive to provide and not having it might have made them lose bookings. As other reviewers said, the yogurt place next door has wifi and I imagine the Starbucks across the road too.
3. No safes in the room. There is one in the lobby and you get your individual box, but it is less convenient.
4. Elevator is slow and it's just one. So if you are in a hurry, you may not be pleased so give yourself some extra time. The housekeeping employees also use the same elevator, with their carts and it is not a large elevator. The HK employees are very friendly, though some may not understand English too well. Fortunately I speak Spanish. 
The minor points would not deter me from staying here again. The second time around I would know I had to prod for information and ask for things. 
Although 96th street might sound far from the centre of the city, the #2 express train is two stops to Times Square so it's quite quick.
It would depend on what you are going to New York for. If you wanted to go to lots of shows, then somewhere between 40th and 50th street might be more ideal. But I suspect there would be noise all night long. I wanted to come back to somewhere quiet so the Hotel Newton suited me fine.