Super trendy place, not sure about value for money
If you want to stay in a trendy place, to see and be seen, this is the place for you. 
We stayed there in mid July and the place was obviously really popular both with guests and New Yorkers in general. The lobby has a look and feel of a swanky night club - in a good way, with low lights and dance music on and glamorous- looking staff. The pool - a luxury on Manhattan, I know! - was completely full at 9 am on a Saturday. (Note they ran a waiting list for pool beds from 10am on weekends, apparently). The roof terrace, one of the key attractions of the hotel for us, has been booked for private parties -- i.e. closed for hotel's guests, on three out of three nights we stayed there (although one of those was for a certain famous rock musician's daughter if you must ask). So you get the feeling - pack your stilettos if you are a girl:-) Certainly felt like a happening place albeit not so much for the hotel's residents - hence my "average" client service rating. 
Inside, the rooms are beautifully designed but it's a bit of style over substance dilemma as functionality is limited: wardrobe drawers wouldn't open due to design/fitting fault, no room to hang towels in bathroom. We had a Queen suite, good size for Manhattan, with a beautiful terrace which was way too big for two people but could easily fit a cocktail birthday party for 30 people - except that we weren't having one. The terrace overlooked straight on a huge building hosting among others an office of a world most famous internet company. Call me a puritan but the idea of sunbathing in front of a couple of several hundred geeks having a ciggie on a balcony somehow lost its appeal for me. The terrace next door even had a jacuzzi - cant imagine what that would be like... Finally the room itself got floor to ceiling windows on two sides-basically like a glass box overlooking -- yes, that famous internet company office and balcony! So although the idea for the room design, I think, was to be very light and airy we kind of had to keep the curtains closed most of the time just to not feel like part of "Big Brother" reality show cast. Anyway, I don't mean to be sarcastic, Dream Downtown is certainly a remarkable place to stay which is why I give it a "very good" overall. Would recommend it for a party (drinks in jacuzzi overlooking Manhattan? no probs!) or a special weekend in a glamorous setting. It is in Meatpacking district so I guess it explains a lot. The reason I am writing this is that value for money is an important criteria to you than check other options as well. In this price range you could probably find other hotels on Manhattan with a bit more sophistication, guest comfort and attention to detail.