Great price and location
The rooms are European small, but very comfortable and clean. As many have mentioned, the Canal Street subway is right outside the door - the one served by the #6 train - there are three Canal Street stations. You are in Chinatown and just a few blocks from Little Italy and a little further to SoHo. It's all very walkable distances. The staff was incredibly friendly and helpful. I will definitely stay here on future NYC trips. You won't find a better place for the price anywhere in the City. The noise others mentioned was not at all a problem for me, but I am not generally bothered by noise.