Excellent location, but very overpriced.
We stayed at the Park Central for a week, and despite being in a great location, it was not worth the amount we spent. The rooms were mostly all the same, but it annoyed us that we paid the same price as everyone else, and some had direct views to Times Square while we had views to the internal patio. Also, the rooms aren't worthy of a 4-star hotel - no mini bar, bath robes, or bidet. Since I come from Europe, this was quite shocking as if we pay 300€ a night there we would get a luxury room in a 5* hotel, or a suite in one of the lower rated ones.
We also were unfortunate enough to stay during hurricane Sandy, therefore there was no hot water or room service for a few days. After asking what compensation could we get for this, we got a vague response about being able to use the Wi-Fi and then the 14$ a day would 'maybe' be discounted from our bill at the end. We didn't risk it, since we knew the hotel would still not take it off our bill.
The location however, is very good, as it is at a walking distance from Times Square, 5th Avenue, Herald Square, Rockefeller Center and the Empire Estate. 
I wouldn't come back here again, there are better hotels which cost less.