Trendy but over-priced and disappointing
We have been wanting to stay here for ages and have been in the bar many times, so were excited about this stay. Check in was smooth and the lobby itself is really cool, very chic. Then we reached the room and were immediately disappointed - yes, it was only a standard room, but for the price and the expectation, the room was small and pokey, the furniture looked old and run down and the bathroom had standing room for 1 person only, so we had to take turns to get ready. It was clean though, although the noise from the street below woke me up once or twice. 
Wanted to like it so much...what made things worse is that the Velvet Room was closed for renovation, so we couldn't even have a drink at our favorite bar.
We have stayed in other places in Union Square area and, sadly, we would not come back here to stay, definitely for drinks though