Great Area, But Small Cramped Room and Hard Bed
It's hard for me to say it's poor or very good, so I will say average. Let me first say the hotel lobby was beautiful - nice people, decent Greek restaurant, but you must visit the Park Cafe in the hotel - great food all day, wonderful service, and well priced. When I got to my room, the hotel staff let me know it would be "some time until...it's ready." Needless to say, that wasn't great, but I was ok with it. However, even after they cleaned the room, it still smelled. The bathroom was cramped, the bed was hard, the window was locked but still had a crack that let the New York cold wind into the room. 
It's a wonderful area - couple of blocks down from Times Square, walking distance from any Broadway show - and the gift shop helped me get some gifts and even a Grey Line tour across the city between meetings. The big problems was the lock on the door didn't work, the walls were thin, and the heater was dirty and didn't work (that's not good in a middle of a cold NYC winter). It didn't help that the bed was hard and you couldn't walk around the room without having to crawl onto the bed to get around the desk.
Overall, it's a well-priced hotel in a great neighborhood, but there was a lot of problems that made this a 3-star over a 4-star review.