Be Prepared
Attn Boy Scouts: Be prepared when visiting the Carter. If you are, you'll survive. The room was clean and bug-free (as far as we could tell). The halls were well lit and the doors had strong locks. Now the negatives. Everything was old. Repairs had been done only when needed to meet safety codes. Our sink was cracked, the tile in the bathroom was cut to go around existing appliances. The mattress was old (but sleepable). 
One more good thing. It cost us $128/night in early September. For comparison, the 4-star hotel just "West" of the Carter has the cheapest room listed at $399/night.
We discovered that the Times Square area was not so great (it reminds us of Hollywood Blvd. in Los Angeles), but if you need to be here and can put up with "old", it's worth it.
My wife and I stayed for two nights on the way back from a two week trip around England and just needed a clean bed at a price that didn't seem out of line. The shock of the condition of everything was like a slap in the face saying, "Get over it. You'll survive." And we did. And, though you might not be able to tell, we would go back if we had to be in Times Square. But we'd be prepared.
I suspect it's a well kept secret because no one wants to admit having stayed here. (This doesn't show my real name, does it????)