Don't Do It!!!
My boyfriend and I were in New York (originally for 3 nights) but because of Hurricane Sandy we had to extend for an additional 5 nights, our comfortable 4* hotel near Times Square was full and we had to find alternative accommodation... this was the only thing we could find, we new it would be a downgrade but we had to have a room over our heads, even if it did have the cheek to charge the same amount as a 4* hotel.
We arrived and waited to check in... the lobby didn't look to bad, some nice touches had been added to it to make it look welcoming.... AND THAT'S AS FAR AS IT GOES.
Funnily enough a guy that had just checked in came down stairs and started telling everyone in line not to check in and that the lobby looked good but rooms were disgusting.
What we first noticed when checking in was how rude, unprofessional the front desk team were - they spoke to PAYING customers like they were stupid and bantered about being drunk the night before etc etc
We were early for check in so we went to the lower ground floor to leave our luggage and paid $4 per bag! - the lower ground floor honestly looked like a forgotten subway (not the place where you get yummy sandwiches - i'm talking about the underground trains!) ...
when we returned to check in we were given our room keys, there is no free wifi in the rooms but the lady who checked us in gave us a heads up about the free wifi in the lobby on the 17th floor. 
took the lift up to the room ... everything stil ok.... the elevators are probably the most up-to-date feature of the hotel... when we stepped out of the lift, we knew we were in for a treat (!!!) the corridors and the room doors reminded me of a 1920s mental hospital or a prison... and there was just a really weird odour in the corridor
opened the door to our room and were like 'omg' at everything... the furniture, the TV (was one of those old school box shaped TVs), we didnt want to walk on the carpet in our barefeet... the bed sheets didn't fit the length of bed, the blankets and overlay are not changed for every customer... there was a fridge in the room that we wanted to make use of so we pulled the bed forward to find a socket - it was hanging from the wall and there was a thick thick thick layer of dust with OLD CONDOMS AND EAR PLUGS lodged in it... DISGUSTING!!! The bathroom wasn't much better - the floor of the shower was peeling, the shower head was rusty - i didn't even want to touch the shower curtain because I just felt so uneasy in this room.
There are no tea and coffee making facilities, although, if there were I can just imagine how grimey the kettle would be - that's probably why they don't have them.
Everyday that my boyfriend and I walked through the lobby and saw the queue of people waiting to check in we would mutter 'Don't do it' 
I honestly would never have chosen to pay for this hotel given the choice but it was the only thing left in midtown at a time of need - and now we know why,
It's such a shame that this building has been left to be managed by somebody that quite frankly doesn't give a damn about this once glorious hotel (in 1928 and never updated since), or the service that his/hers staff offers to it's guests - the staff and it's state have completely ruined it - this hotel, with it's great history has the potential to be beautiful place in a great location, it needs an investor to come in and really bring back it's glory because at the moment it's a neglected mess!
Don't stay here - you can find something much better for the same price or cheaper if you do your research properly.