It's fine if you can get it for really cheap...
It's not a terrible hotel, but it's EXTREMELY noisy and definitely not worth the money. 
Pros: 
Rooms are larger than most NYC rooms (and I didn't have a suite)
When I called downstairs and asked for housekeeping items, the desk personnel was kind and sent it up right away
Cons:
Noisy, noisy, noisy - I was on the 11th floor and I literally checked all of the windows twice. The traffic noise was so loud inside my room that it seemed like there must be a window open. 
The room wasn't dirty exactly...but it didn't feel exactly clean either
They overlooked basic things - my room had no washcloths, no extra roll of toilet paper, and only three kleenex
I wouldn't avoid this hotel at all cost - if it's the best deal around and where you want to stay, then go for it. Just understand that it's not as nice as the pictures. And unless you get a great deal, it's not really nice enough for the money. 
In addition to the traffic noise which continued all night and could be heard clearly, I was awakened at 8:30 or so by construction noise that seemed to be coming from the adjacent room - but they are also doing construction on the outside of the hotel, so it was hard to tell exactly where it was coming from. In any event, it was unpleasant. 
When I saw my business partner (who had a suite) the next morning, she commented, "well, i don't know that I'd stay here again....", so she wasn't really impressed either.