Not bad overall
I would give the hotel 3 and a half stars. The staff were wonderful and very helpful, the hotel is in a prime location but be aware that the website is quite misleading as when I arrived the 'cosmopolitan hotel' banner hanging on the scaffolding wasn't exactly what I was expecting when I booked it. Still it's good value for New York City especially if you book in advance; there's really good (free WiFi) and two Macs for use in lobby with free printouts.
The hotel is extremely dated (still use conventional keys) and a fresh lick of paint wouldn't go amiss. My room was quite small, and was noisy given I had a room facing the street.
Overall I would recommend it mainly because of the staff, and because the room was clean, safe and in a great location. 
Being in the Tribeca area I could walk to Soho and towards the World Trade the other way. A great buzzing area with Chambers Street station right outside the doorstep. There's also a wonderful diner/cafe called Kitchenette on Chambers Street where I'd go most mornings for breakfast.