Old...
I suppose that's what I should have expected considering that it boasts it's long tradition in NYC (having opened in 1924), but I'm afraid it's feel and ambiance is old too, and not in a good way. 
The entrance is grand, but the lobby was intensely busy - practically an extension of Grand Central - the staff were a bit more in to fraternizing with each other rather than attending to the guests, they also weren't very knowledgeable about food options in the area, etc. The rooms were small (this didn't bother me), but they smelt.... old! The decor was dated, the toilet didn't work and we ended up fixing it ourselves, and none of the fans work in the building (we checked at front desk), the A/C sounded like a plane engine and the bedding was heavy and uncomfortable and the pillows were even worse! To add to all this I believe the elevators are still the original ones installed in 1924, there are 6 and with the intensity of the lobby it is like a dog eat dog mentality to ensure you get in to one! 
I'm usually quite happy as long as there is a bed with some clean sheets and a shower, but unfortunately with NYC prices you feel a little entitled to expect a little more. But alas, it is NY. The location, however, was AMAZING!!! But I will not stay here again.