awesome location and price, but far from perfect
I stayed in this hotel for 5 nights on a business trip to NYC. The location and price were my main reasons for choosing it, and it could not have been more convenient to my business needs (all in midtown) and to restaurants. There is a subway stop (blue line) just around the corner, plus red, yellow, and orange trains within 2-3 blocks' walk. Plenty of eating and bars extremely close by, and the price (in January) was fantastic.
However, the overall quality could improve. The room was very small, which didn't bother me, but also very dark-- no overhead light, only two small lamps. The bathroom had ample light, and I often left the bathroom door open to better illuminate the room. Wasn't working in the room, so again, not a huge issue. My room was on the third floor facing the street, and on one night, there was significant street noise from a bar opposite. Drilling in the street directly outside starting at 9am on several mornings-- annoying, but not severe, since I was getting ready for work by then.
Bed was great, very clean and comfortable. Bathroom amenities excellent. Soft towels changed daily. No intrusive housekeeping service, but always efficient. 
The hotel advertises a 24-hour fitness center, but half of the equipment was busted and unusable. Lock to hold the seat in place on the exercise bike was broken, and the treadmill had an out-of-sort, "sorry for temporary unavailability" sign on it for my entire stay. Were they making an effort to get it repaired at all? The free weight bench was not broken.
Room was a bit cold the first night, but fine all the others. The staff were very friendly, helpful, and efficient.
On the whole, I would stay here again if the price were in this range. Next time I might personally change the lightbulbs to make the room brighter, and I'll hope that weather permits exercise in the Park. I've stayed at a Holiday Inn nearby, with much bigger rooms and fewer issues, but this definitely had an even better location.