Disappointing... they'll need to try much harder
I was sceptical about booking the hotel as it's new but I phoned in advance and the manager also emailed me to confirm that our requirements would be met, we'd be well taken care of and that he'd personally make sure we got a great room.
Well, of course, none of that actually happened. 
We arrived late afternoon and although we had specifically requested a quiet room on an upper floor, we were given a room on the 2nd floor which had industrial drying machines right outside the door. Presumably to dry out a leak of some sort. We complained and they managed to find us a room on the 6th floor. Although the room was a decent size by New York standards, it was an odd shape, the tv on the wall was miles away from the bed, the aircon didn't work properly and it was noisy, the room phone had no information on it and all the pillows were absolutely terrible - cheap foam - which meant I woke with a crick in my neck. On top of that, and worst of all. wifi didn't work. Something that was essential as we were on business. 
The staff really were very nice and they tried to help out but of course they couldn't really do much so we checked out the next day despite having originally planned to spend 7 nights there.
To be honest, it's more of an upmarket hostel than a hotel. There are a couple of chairs in the hall where you check in but there aren't really any facilities.
The location is ok.... a bit too busy and noisy for my liking... but if you enjoy the hustle and bustle of New York and want to get a cheap Louis Vuitton or Rolex, then it's perfect. It is however only a short walk to Soho and to Tribeca which is great.
Would I stay there again or recommend it? No.