Very sad accommodations given price
While I was prepared for the lobby to be under construction and the room to be tiny after reading more recent reviews, I was not prepared for the poor shape of the room. I've stayed in many NYC boutique hotels with small rooms at this price level, but they were still high quality I attached some photos of my room at the Paramount- the drawers in the closet couldn't open more than a couple of inches because of the hinges on the closet door. (Thankfully I was only staying one night and didn't have to actually use the drawer.) The seal or paint at the bottom of the tub was peeling. The cloth shower curtain was just plain gross. The window in my room was left open so when I checked in it was 64 degrees. There was no iPod/Phone docking station. (iHome?) Throughout my entire stay it was nearly impossible to control the heat/temperature of the room.
The WiFi is very expensive and they seem to be pretty subjective about who they give free WiFi to at check-in. (One person in my group did get it.) 
Not sure if it was because of the construction but there was no on-site fitness center. You can get a voucher for the Bally's Gym on 50th however. 
The only saving grace (besides the fact that I only had to stay for 15 hours) was that I booked the room through Tingo.com. Tingo tracks the room rate and refunds you the difference if it drops. My room rate dropped twice-- and then a better room (king bed vs. queen) became available so Tingo alerted me to that. I rebooked in the King and then got another price drop. So instead of paying $415/night for a Queen room, I paid $380 for a King.