Average. Fits the bill if you wanna go out a lot
Stayed as part of a business trip in Jan 2012. Room was *ok*. Not a good view (straight at an office building, but to be fair this applies to most hotels in NYC or London!) Room was a little drab - needed a makeover. Paint & decor was tired as was the bathroom, the taps & shower need some TLC. 
The room was on a par with the old style Hilton rooms but not a match for Sofitel, most Holiday Inns or new Hilton rooms or any Fairmont hotels. The downstairs area felt a little cramped - we met in the bar each evening and - good news - it was busy but felt a little claustrophobic. 
Gym/fitness centre is better than most but was rammed at 5:30am (!). Everyone likes to work out in NYC huh! 
Can recommend for business and couples just don't go there expecting to spend long in the hotel. Use if for sleeping & eating then get out & see this amazing city!