The location is just first class
Stayed at the Wellington June of 2012 when the temperature outside was in the upper 90s. We were allocated a room in the older part of the hotel E Wing where the air conditioning was noisier than the traffic outside. We did report the problem to the reception where a technician came to adjust the motor but was back making the same noise one hour later.
This hotel is in dire need of renovation and repair and we were disappointed that there was no coffee making facilities in any of the standard rooms.
Carpets on the corridors were in need of a good clean and our bathroom smelled of cigarette smoke.
On a good note the location is just first class...you walk out the front of the hotel and left is Times Square and right is Central Park!
For slightly more, head south on 7th and book the Sheraton...moderately priced but, you will have the same good location and much nicer accommodations.