A very fancy hostel (in a good way)
I lived in NYC for years, so I've already been through the frustrating, impossible hunt for friends and family, trying to find a reasonably-priced hotel in New York (hint: it doesn't exist, and no, there are no coupons).
But for a conference being held at a hotel in Times Square, I wasn't prepared to pay over $200/night and use up all my scholarship money on a room I didn't plan to spend much time in. So I booked the Pod Hotel warily. But it was great! It felt like a fancy hostel, but that is a positive spin - and much how they advertise themselves. Everything was clean, new, and well-kempt. And the room is tiny and everything is tight. I doubt 2 people could function in the room I was in, but for just me, it worked great. And it had nice-hotel amenities, like a place to hang clothes, shower samples, and even an electronic safe! It could be occasionally loud, but I was there over a weekend and had no complaints. 
I never like the East Side much because everything closes earlier than the West Side and there's not much to do/see, and that was still true here. But it's a short easy walk over to the Times Square area, and you pass the fun shopping streets on the way. Plus, it was within a couple blocks of the 4,5,6 line, so I could get downtown via subway easily enough. I was a bit isolated when I wanted dinner in my room late one night (I ended up grabbing salty snacks at a bodega) but I didn't feel like I was very far from anywhere else I wanted to go.
I was there in February, and it was pretty chilly, with freezing rain and snow most days. But the heat worked great, and occasionally I even had to crack the windows when I overdid it!
I didn't use any of the cafes, or restaurants, or check out the roof - or really do any of the hostel-like social things you do, but I was there on business and my days were booked solid, and my nights were spent with old friends. I'm sure that's all great too.
Again, if you're looking for a luxurious room to lie around in, Pod Hotel is not for you. But when you're visiting NYC you really just want a place to dump your suitcase and sleep off the party for a few hours each night. Totally recommend this hotel, and would stay here again. The only lack of 5 stars from me is because the location isn't 100% ideal, in my opinion, for where I normally go in NYC.