If you are on a very tight budget and don't mind roughing it out - this may be the place for you
We were a group of 3, and were planning to visit NYC for the long holiday weekend - most of the hotels were booked solid because this was a last-minute trip, so we ended up picking the "World Hotel". Saw the reviews, and was already expecting the worst. When we got there, there were a few things that we noticed:
1) No working elevator was available. I met a few international folks at this place, and the poor people had to lug their entire suitcases up many flights of stairs.
2) We stayed at the top floor - where the washrooms were shared. There would always be a line to the washroom in the morning/evening; so wake up early if you want first dibs on it. The washroom was pretty gross (ie: toilets got clogged, hair all over the place, etc...), but what can you expect from a shared common floor washroom right?
3) The rooms were so small that it could only fit the bed. You walk in the room, and you only have another few steps to maneuveur around. Beds were clean overall, we didnt experience any bedbugs, or see any other non-sanitary things around.
4) Location was decent - right in the middle of chinatown. It was another 10 min walk to the nearest subway station. Lots of places to eat around the area if you like Chinese; but by 10pm-11pm, everything is shut down - except for the Chinese Karoake Bar next door.
All in all, I personally would not go back. In all seriousness, I would actually pay a bit more money to stay at the local Holiday Inn (bigger room, more comfort, OWN washroom). The common bathroom thing is probably the worst part - so if you HAVE to stay here, I suggest trying to get a room that offers your own "ensuite" washroom.
But like I said in my title, if you are on a very very tight budget, and don't mind roughing it out at all - then this might work out for you, as everything was livable and tolerable.
P.S. The walls are paper thin and the rooms are literally side-by-side. You can hear everything that goes on at night - especially between couples. So this isn't the best place for a family - you wouldn't want your kids to hear "that" kinda stuff at night.