Location is the only plus
The big positive of this hotel is the location, which serves as a perfect base from which to see all the things a photo-happy tourist wants to see when they come to New York. It is within walking distance of Central Park, Broadway, Times Square, Empire State Building, 5th Avenue... Certainly not the best of New York, but tourists will be tourists. It is also close to most subway lines for getting away from Midtown.
The bathroom was clean and the shower had reasonable pressure.
As for negatives, this hotel has a lot. The rooms and hallways look like they haven't been changed (or in some cases cleaned) since 1920 and I don't mean that in a 'has an authentic classic feel way' way. Keeping with the 1920s feel, there is no free internet and if you do pay for the 'high speed' internet, don't expect to get much done. There is also no room service or bar or restaurant in the evenings. 
The worst feature is definitely that the walls are wafer thin, so you can hear everything going in the next room. If your neighbors decide to stay up watching TV or entertaining each other, it will sound like you are in the room with them.