Average in every way
Our family of four stayed at the Park Central for ten days this month and overall it was enjoyable with only a few little problems.
First the positives: great location within walking distance to Times Sq. , 5th Ave, Rockefeller Ctr, Theatre district and subway stations.
Staff was helpful and professional; there was little need to ever speak to them (which is a good thing). The hotel was decently clean considering its a very old structure and not updated for many years. Room had the basic amenities but lacked a fridge (we asked for one but they were all taken). Things that worked fine were A/C, safe, bathroom, tv, beds and tables, door locks, lighting.
Negatives:
Other than being kinda old and dated-styled rooms with stained grouting in the tiles, it was livable. 
Also no security on the elevators, so anyone off the street could have access to guest floors. This needs to be changed before a guest gets robbed or assaulted.
Also they need to provide wi-fi to all rooms (like most motels do). This would eliminate the dozens of guests we passed every day sitting in the lobby using the wifi there. We received access to wi-fi in our room but had to pay up front then get credited later.
Ice machine on floor ten needs to be fixed. It wasn't working the entire ten days we were there which meant a trip to the 9th or 11th floor.
and some final small complaints: is the toilet paper holders are too small to accommodate the normal- sized roll so it doesn't roll and that's a pain when you're trying to get paper. The shower has very low water pressure but the toilet has very high pressure (kinda scary).
I think we would stay here again mainly because the location is good. There's some good restaurants within walking distance but many bad ones too. It was fairly safe walking around the neighborhood even late at night.