Avoid rooms on the 2nd floor at all costs . . .
The hotel probably warrants a "3" rating. But my experience was so unpleasant, that I can't honestly say it was average.
The positives: 
1. Great location if you are coming to NYC via Amtrak and plan to use subways. The hotel is a short walk to Penn Station as well as Herald Sq for west side subways and 33rd & Lex for east side. 
2. Inexpensive. It's a cheap (by midtown standards), clean room. The bed was fairly comfortable.
The negatives: 
1. It's a room. This is no boutique hotel. It's former Red Roof Inn. Don't expect anything unique or boutique about your stay. 
2. Breakfast. Cereal and boxes of muffins and pastries, maybe some fruit and yogurt. Nothing to get excited over.
3. If they put you on the 2nd floor, the breakfast room floor, MOVE! Granted, I made a last minute reservation for a Saturday night. But they put me on the 2nd floor where the breakfast room is located. At around 5:30 AM, staff started setting up for breakfast. This included music, pushing boxes or buckets around on the floors, moving tables and chairs around. All right outside my door. I'm a very heavy sleeper, and this woke me up immediately. Really not acceptable to have guest rooms on this floor. I asked at check out if they normally sell rooms on the second floor and the guy looked at me like I was crazy. I said, well it's pretty loud when staff is setting up the breakfast area at 5:30 on a Sunday morning. He had no response.
If I had to stay here again, I might if i could guarantee a room on a high floor.