My Favorite
I am a native New Yorker who has only recently started re-visiting the city after having lived elsewhere for more than 35 years. I've stayed at the Hanbee several times over the last year or so, as well as at least one other hotel in Manhattan.
I've got only good things to say about this hotel. It's in an excellent location, especially if you're a tourist, situated as it is almost at the nexus of many must-see downtown neighborhoods and close to the subway. All kinds of bars, restaurants, and shops - both boutique and brand - are within easy walking distance. The service has always been superb - efficient and pleasant. 
Rooms at the Hanbee are well decorated, scrupulously maintained and seem larger than they are. The bathrooms are modern and large. Overall, the rooms are comfortable and more than just a place to catch a few hours of sleep and I rate their value as excellent.
 The Hanbee is, however, on the corner of two very busy streets in an area that's very busy as well, so it is not quiet. In fact, this is the only thing about the hotel on which I can't give it an excellent rating, and it's nothing that the hotel or its staff can do anything about. As other reviewers have pointed out, the higher floors are quieter (the highest I've been on is the fifth floor) and I would recommend a room on the street side (either Bowery or Grand) rather than the back of the hotel. Street noise doesn't ever bother me, and as I've only had street side rooms in the past, noise hasn't been an issue. But whatever was going in the back last time I stayed - in a room at the back of the hotel - was very sleep disruptive and impossible to either close out or drown out. As I said, though, this isn't the hotel's fault, so should be taken as a recommendation regarding room choice requests rather than as a criticism.
The Hanbee is extremely good value for the money, especially in the off season, and I highly recommend it to anyone staying in the city.