Poor for the Price
I consider that opinions about this hotel diverge and I would say that it depends on how lucky you are with your room. My friend liked her room but I had a very bad experience with mine. So, I will try to describe the good and bad things according to my point of view: location is really great if you want to stay in the middle of everything (Broadway, Time Square), but it can be noisy if you do not like people around all the time. It's located in one of the busiest areas of the 8th Avenue. Another good thing is that you will find a Shake Shack just in front of the hotel. The rooms are renewed and they have air conditioning and king beds. Now the bad part: one of the nights the boiler of the hotel had a problem and the whole hotel was out of hot water, well, this problem took like one hour to be solved and in the next morning we already had hot shower again. Another thing is that I do not think the room was cleaned properly. The supposed "new" towels were dirty as well as the bath. But on the other side, I heard people saying they did not have any problem with that, so, it was my bad luck. I did not consider the staff so polite. In general, I believe it's overpriced for what it offers. 
At this time, which means August 2012, the hotel is still under renewal which means you may find workers along the hotel or even at your window. 
I just wish they could give a little more attention or care a bit more of their guests.