Could be nice (if half the price)
We stumbled on the Fitzpatrick in the days following Hurricane Sandy. We needed a hotel, and nearly every place in Manhattan was booked and/or hiking their prices sky high, so we felt lucky to find this hotel and manage to secure a room. 
I would love to give the Fitzpatrick a higher score, because it has some real positives, and no glaring negatives. It's a perfectly decent hotel -- just very overpriced for what you get.
First, the positives...
Very nice staff. Almost every staff member we met was incredibly friendly and helpful.
Convenient midtown location, close to Grand Central, Rockefeller Center, Bloomies, etc.
Cheerful, tastefully furnished hallways and guestrooms.
Fairly quiet, especially for such a bustling neighborhood (make sure to get an inside room).
Comfy beds -- absolutely heavenly!!
As for the negatives, The Fitzgerald typifies a lot of older NYC hotels. Which is to say, it's just ok, and suffers from all the classic problems; tiny rooms, old plumbing, lack of temperature control, etc. etc.
Our Standard (Queen) room was postage-sized (and smaller than the room we were shown earlier, when we asked to view a room). I've stayed in lots of tiny NYC hotel rooms, but this was one of the very smallest. If the room had been even a little bigger, it would have made a huge difference, because otherwise, it was a nicely appointed room. 
The bathroom was also small, and there was no tub (none of the Standard rooms have tubs).
When you flushed the toilet, the noise was so loud and lasted so long -- it sounded like the plumbing was from 1890 -- we had to call a repairman to fix it. And sometimes, it was hard to get enough hot water for the shower.
There was also no way to control the temperature. Whenever our room got too warm, we were forced to prop open the VERY heavy, small bathroom window, to get some cool air (if we opened the main windows, it would get much too noisy). Having AC - or the ability to lower the heat - would have really helped.
As I said, the room was relatively quiet, provided we kept the windows closed. But we also heard lots of talking from the nearby housekeepers' supply room. And there was some annoying, intermittent mysterious rumbling that may have come from the elevator down the hall
(unless it was the Lexington subway...could that be possible from the 6th floor??).
Bottom line: if we had paid $200 -$250 a night for this hotel, we probably would have thought it was an absolute find. But for $399 (!) a night, we felt slightly fleeced.
And so, the search for an affordable/quiet/nice NYC hotel goes on...