Comfy beds and cool staff, but not an amazing location, and very little privacy.
Stayed at this hotel with a friend for a few nights earlier this month. The hotel itself isn't bad - but there are definitely some things to keep in mind when considering it. 
The staff members: They were great, ESPECIALLY the guys at the door and the housekeeping staff. One doorman actually ran up the block to 10th to get us a cab, which was really above and beyond. The front desk people weren't quite as great, but one of them helped me out with a map when I asked him. 
The location: OK but not fantastic - it was a solid 15-20 minute walk to either the subway at 34th or 23rd, and before we got wise to having the cabs drop us off on the corner of 27th/10th or 27th/11th, we got overcharged by them looping around due to the one way streets. The street itself is strange - a Lamborghini dealership next to a high class strip club next to a trendy Italian restaurant. But it was quirky and we liked that it was a little grittier than the heavily touristy areas. And the tasty Italian food directly across the street from the hotel was a definite plus.
The hotel: The lobby is nice. The bar was expensive even for NY (probably due to the limited options of anything else nearby), and nothing special. We would have LOVED to check out the rooftop bar and pool area, even just for the views, but it was closed. That was a huge bummer for us, since so much of the advertising for this hotel is based around its awesome rooftop views. If they had the roof open, just at least for those, it would have been nice. The free wi-fi for the whole hotel was a very nice perk, but I also wish there had been a gym (even just a couple treadmills would work) for guests. 
The room: The rooms are small. But again, that's expected in NY. And, expect to be getting up close and personal with your roommate, if you have one. If I'd been traveling alone, or with my significant other, the room would have been fine. But I was with a friend, and let's just say it's a good thing we're close. This is not the place to stay with people you're not familiar with. There is no desk in the room, just a ledge and a green stool. There are no chairs, except for a ridiculous black patent faux-leather bean bag chair that is terribly uncomfortable and awkward for anyone over 110 lbs. The beds, however, are CRAZY comfy! It's a good thing we were mainly using the room to sleep, because that was one of the best features of the room. There was a decent sized closet, also. 
The bathroom: The shower has transparent glass walls, and you can see straight through to the toilet if the shower curtain isn't closed. (NOT awesome on the privacy front - this is what I mean when I say expect to get up close and personal with your roommate!) There is NO counter space in the bathroom, with everything that they clutter up the small glass ledge with. There's also nowhere to put your clothes while you're in the shower, except the toilet or the floor. The towels were large and fluffy, and there were enough for both of us, which balanced out the lack of space a little bit. 
Overall, I don't know if I'd stay at this hotel again. If the price and situation were right, then maybe, but the lack of privacy was a real issue for us.