Very cool place - actually a bit cold
Stayed at Dream Downtown for 3 nights in July, and found the place to have most things in the 'cool book' checked off. They had the dim lightening, the beautiful people working there, the artwork, the DJ spinning etc. But it felt like it was trying a bit too hard, so it didn't really feel as cool as it should. And that's why it felt more cold than cool. 
It might be unfair to rate the hotel average, because it deserves top rating for location and bed comfort. But unfunctional bathroom and noise that travels through the walls lower the score a lot. As well as a general feeling from the staff that they didn't particularly care for the guests. This was pretty obvious when we were checking in and were told the room should be ready in two minutes. Make that twenty... 
Penthouse bar was nice. Great view and the party crowd looked happy. Pool area way too crowded to be useful. gym has the necessary facilities. 
I would definitely recommend this hotel for a party going 25-year old, but not as much for a couple not to interested in that part of NYC.