High Style, No Soul
Spent several nights here January 2012. The hotel itself is a typical contemporary design hotel but completely formulaic. It had no personality or real sense of style at all and was eminently forgettable as soon as we left. The staff while competent and professional were not warm, friendly or welcoming; more like bouncers at a hot nightclub.
Its very conveniently situated for transit with the 1,2,3 trains right outside the door and the A,C trains just a block away. Its at the lower end of Tribeca closer to the Financial District so its a little less "vibrant" immediately around the hotel.
We got a room on the backside with a tiny window with no view but it did open for a bit of fresh air. Fairly good external soundproofing but internal soundproofing is a bit weak. You can clearly hear what's going on in the hall and you can hear the neighbours a bit. 
Double check your bill on checkout as they tried to sneak in some bogus charges, not to mention that charging for wifi is ridiculous these days. 
All in all, a perfectly adequate hotel but not worth the extra money you're paying for a 'boutique hotel experience', luckily we got a deal on the room.