Location, location, location
The location for that price it's unbeatable. 
We had a double room with street view and stayed here for 5 nights.
It's more nice hostel than a hotel. 
First night we spent in two double room with "Salvador Dali's" paintings on the walls because of some misunderstanding in booking. Room was spacious enough for two, but can't imagine it for four people.
Our next "New York" room was tiny, but OK, the decor was fine :). Window is into street, so expect some noise especially during weekends. Unfortunately our bed was so creaky. Last night there was something with heating and the room was so cold when we went to sleep. It started working during night so we didn't freeze :).
Plus: LOCATION, friendly and helpfull staff, free-wifi, smoking zone, NO BED BUGS
Minus: creaky bed, smaller rooms, maybe the heating issue
Despite Minuses I would choose Chelsea star again because of location. Who the hell is going to NY to spend the whole time in the hotel? Not me :).