...And I started with low expectations...
We were not expecting much from this hotel based on the price (compared to other NYC hotels during the same period), but they failed to meet even my very low expectations. The place is best described as a "Monet" ("From far away, it's OK, but up close, it's a big old mess.") From outside, the lobby (and by implication the hotel) resembles an average well-appointed hotel. However, as you walk through you realize that despite its hipster pop and circumstance, the Park Central is sorely run down dump. Area rugs are worn threadbare, which was all the more unacceptable since they could be replaced for less than they hotel was charging me for what was to be a 5 night stay. In another sleight of hand, they have made a significant investment in fancy, high tech elevators (and other unnecessary accoutrement), which lead to guestrooms in even worse condition than the lobby. Our first room, which had a view of a wall, proved unacceptable once we noticed the amount of mold growing in the bathroom. How does that happen in a hotel which is cleaning the room daily? The room to which we were moved was significantly better but, ultimately, we determined it wasn’t worth the price tag for several reasons: 
  Moldy/musty smell
  Itchy uncomfortable bedding that gave us bed bug paranoia
  Generally unclean/stained furnishings
  Expensive wifi rates (hotels of this low quality almost always include this service free)
  Awful “cable” (not even 1 commercial-free movie channel, eg. HBO)
  Overpriced in-hotel amenities (eg. soda machines offering $3 water)
  Expensive Times Square-ish area meant any hotel savings was lost on paying double and triple at area eateries etc. 
Even using the 40% discount coupon we can’t recommend this hotel to anyone. For a few (well-spent) bucks more you can get accommodations that match the pomp and circumstance of the hotel. We left after 2 days.