3.5 rounded up to a 4.0
There are some really great things going on with this hotel. Location is the best! If you're looking for something near Times Square or Broadway, you'd be hard-pressed to find a better hotel, especially for the cost. Other positives include clean rooms and a nice decor. Other reviews here talk about the positives, and I agree with most of them. As for the not-so-good, there are a few things worth noting for me:
First off, two days before our arrival, I emailed the hotel using their website form. I had questions about parking options and was hoping to get answers before driving into the City. Alas, here we're are on the day of checkout and still no response. I would recommend not using their on-line email to communicate with the hotel, as it appears no one checks it. For anyone curious about parking, the hotel offers valet parking for fifty-five per night. There might be lower cost options, but the hotel never responded, so unsure. 
Secondly, are the rooms. While nicely appointed they are very small, which is to be expected of rooms in NYC at this price range. What wasn't expected was the shower that took five minutes to adjust and the terrible squeak in the floor every time we walked on it. It was obviously caused by loose floor boards. We notified the staff of the noise upon check-out. They thanked us and said they would resolve the problem right away. If you get room fifty-four and the squeak is still there, you'll know they didn't correct it. Lol! 
The last item is a pet peeve of mine, and I always take away a full star for it. It's the lack of free wi-fi for guests. They charge ten per night, per device, which is crazy to me. For the rate of the room, free wi-fi should be included. If you have to increase the cost up front, fine. Just include wifi. if wifi had been included, this would have been a 4.5 rating, rounded up to five.
There you have it. The location and price make up for the squeaks, shower, and lack of communication. If not for those, this would have been a three-star review. As it is, I rate this hotel as 3.5, and would stay here again without reservation.