Location, location, location-- and a very nice hotel!
My husband and I stayed here this past weekend and found it to be clean, comfortable and convenient! We booked the executive king room and it was HUGE. I heard that the standard rooms are small and share bathrooms, so make sure you know what you are booking. 
Our room was on the 7th floor, just off the elevator. Surprisingly quiet and despite the extreme heat wave, the TWO air conditioner units kept it cool. A/C had remotes, so you didn't have to leave the bed to change the room temperature, either! 
The bed was comfy, plenty of pillows with a sparkling white duvet cover. Alarm clocks on both bedsides that included an iPod charger. Room came with a Keurig coffee maker and supplies were re-stocked daily. Safe, iron, ironing board and hair dryer in the closet. Had the feel of a 4 star hotel except for the extremely cheap toilet paper, tissues, shampoo, etc. which was more of a 2 star. No room service, ice available on the ground floor, near the small workout room. Two nice robes hanging in the bathroom. Large modern shower, no tub.
Continental Buffet Breakfast was included and never too crowded. Bagels, muffins, breads, yogurt, cold cereal and packets of individually wrapped cheeses, beverages. If you want more, you can go to the other side where a limited menu is served--- but they don't charge you for coffee, juice, nice bread basket, fruit (because that is your free continental). Omelets, oatmeal, pumpkin pancakes, etc. for purchase.
Hotel itself is beautiful and interestingly decorated. 
Front desk was having a hard time getting people to check out of the rooms, so our room wasn't available until around 4:30. Don't plan on being able to check in early. They will hold your bags for you and send you a text message when your room is ready.
Internet was free and really fast, especially for a free hotel service. (That's important to me!)
This hotel is, literally, at the corner of Washington Square Park and about two blocks from the charming restaurant and bar strip of MacDougal Street. On Saturdays, visit the street fair on 6th Avenue which has a TON of food and the usual posters, leather goods, etc. West 4th Street Subway entrance is about two blocks from hotel (off 6th). Easy block or two to the heart of NYU.
Nothing to complain about... plan to return to this hotel next month.