Convenient (though sketchy) location, average value
Perfect location for what brought us to the City: dinner at Farmerbrown and a little shopping. 
Boutique hotels are sort of hit or miss, and this one was a near miss: 
1. Valet parking is a must because it's a sketchy 'hood and that's the only way your car will be safe. Plan on the extra $30.
2. They've cleaned and spruced and added some bright colors, but it's kind of like lipstick on a pig without the practical upgrades like sound attenuation. We could even hear the zipper on someone's suitcase getting zipped next door.
3. We stayed in room 210 which had a direct view of the rooftop compressors. We didn't come for the view, so that wasn't a big deal, but it was pretty unattractive.
4. First flush on the toilet necessitated a call to the front desk for a plunger.
5. Bed and pillow were comfortable and the temp in the room was surprisingly comfortable for an old building.
Bottom line: convenient location, average value.