Nice hotel - Great location
I stayed here in July 2012 for business. Fabulous location close to shows and sights. On corner of 7th Avenue and 53rd Street. Lots of places to eat within a three-block radius. Liddy's is right across the street for breakfast, lunch or dinner. Rosie O'Grady is across from the hotel and had awesome sliders & drinks. The restaurant that is worth traveling for is Gallagher's Steak House on 52 Street between Broadway (7th Ave) and 8th Ave (must try the 28-day aged NY Strip...OMG!!). 
Small rooms but I assume that's typical with older NYC buildings. Very nicely furnished with mini-bar (no personal mini fridge), safe in closet, dresser and desk - all with a very modern feel. Doorway to room seemed narrow - doorway and room would be very challenging for wheelchair travelers. The room and bathroom were clean and very tidy - you knew the staff took a lot of pride in their hotel. 
We were there during a cheerleader or dance competition. My only complaint was the noise - kids who were practicing late on the 2nd or 3rd floor ballrooms were going back to their rooms after 1am. I guess there was little to no parent supervision. I could hear those kids in the hallway at 2.30am and 3am. Also, there isn't any way to quietly close the doors to the rooms. Everytime a door closed in the hallway, you heard the CLUNK. The noise traveled down the hallway fairly easily. 
Unfortunately with an older hotel, there isn't enough elevators during peak travel times when hotel seemed full. Hotel bar was dark but welcoming. Very comfortable place to kill an hour. 
We paid $279 corporate rate for the room and then add $45 for night in various NY taxes. I don't know how much the room would be if you just walked in off the street. Although this was a nice hotel with fantastic staff who were always willing to assist, I think the room seemed a bit pricey. Personally, if I was traveling on my dime, I would've looked at other options that afforded me a cheaper price with a little more space. 
I gave it 3 stars due to the hallway noise and the price. Otherwise, nice hotel.