Funky hotel in fantastic neighborhood, close to many subways
I just spent 2 days at this hotel, which literally sits at the NW corner of Washington Square Park, right next to NYU in the Greenwich Village area.
The location can't be beat if you are interested in the Village atmosphere and neighborhood.
It's in the heart of it but on a side street so you don't wrestle with the constant traffic noise of a major avenue. Walk anywhere within the villages. You're about 8 blocks from Astor Place and St Marks Place, with funky shops, tattoo shops, shows and interesting people.
If you are into that area, this is for y ou.
I am also into ethnic restaurants, specifically Brazilian and paella bars, and was pleasantly surprised to find 5 or so within what turned out to be walking distance.
I was there for work and had to go up to Times Square and down to Wall Street several times, and within 2 blocks of the hotel you could get a line that took you straight there - no transfers in the hot oven of a subway in July!
Very pleasantly surprised at how much the hotel is on an artery of trains for the places many tourists want to go. 
The hotel itself is what it describes itself as, and for the most part, what peopl ehere have said.
The really interesting part is the lobby - very retro and well done. 
Room was small, but fine. I expected to have a bed and 2 feet of room to maneuver (I've been in those places too) but it was like a small bedroom. No desk, but the vanity can double as one. 
Looked and felt clean. I had an interior queen (standard) room on the fifth floor and heard NOTHING all nigh t- not even people coming in and out of the little entryway which I was next to.
It was probably one of the quietest hotels I've been in and I was surprised based on some comments here. 
The tip is to get something on the higher levels (and apparently 5 is high enough )and I think the interior, though billed as less expensive and less desirable, would be the quietest.
The hotel, being old, was designed to have several small hallways, so tehre were only 5 or 6 rooms in my hallway. again, I heard no one.
Contintental breakfast: plain but fresh bagels with condiments, fresh fruit, cereal, commerically-baked croissants, and choice of drinks. Decent. Served in the little lounge.
Helpful desk staff.
Really friendly door staff.
NOTE:Rooms are not ready until 3:30 p.m. but you can drop your stuff off at any time and they will store it for you. I came back at 3:30 and they were calling around housekeeping to find out which rooms are ready, so some rooms must be done very late.
Two customers behind me were told to come back after 4.
I thought this was pretty late for a hotel check-in, but it worked.
You can also use an ipad in the lobby to look things up and print your boarding passes etc.
Cab to Laguardia was $37 and $27.