One of the worst rooms I stayed in
During my last visit I stayed in a hotel next to Union Square and was looking for the same location. This was the only available hotel for my dates. I stayed in the mystic junior room on the 3rd floor. Granted, it had some recent renovation and does not look old... but that's it.
To start with some good things: 
* Bar on the 2nd floor is amazing 
* You have a brick wall in the room that looks fancy 
* Free breakfast
To go on with the rest: 
* Cardboard walls 
* Ongoing renovation works (go nice with cardboard walls) 
* Windows of the room on 3rd floor that are not transparent - for a reason. They are overlooking a sidewalk and a dumpster right in front of them. It's not 3rd but the ground floor on this side of the building. 
* A garbage truck comes at 6:30 every morning to pick up the trash cans with lots of bottles in it, right next to your window. OTOH, it's a nice wake up call for the morning meetings 
* Room 309 has emergency exit right behind the cardboard wall next to bed - people are carrying and dropping pianos or something equally heavy and noisy within 20 cm from your head while you're trying to sleep 
* Rough and ragged towels - they are actually falling apart and have threads hanging from the fringe 
* Very poor room cleaning service 
* Lack of desk or drawer
* Safe is just a box next to the window (on the ground level, remember), not bolted or attached to anything - it looks very easy to break in, grab it and go away.
Maybe rooms on the floors 4 and up are better. If you're looking for a good location in the shopping area and a decent bar, it might work for you. If you're looking for a place to actually rest and sleep - it's the wrong place, at least in the junior type of room.