Great Budget Hotel!
I stayed here March 10-14th..It was my second time in NYC, this time I traveled with my 11 year old son. 
We found this hotel through this website which directed us to Bookit.com. We paid a mere $79 a night for this gem!!!
The hotel is in a residental neighborhood right across the street from Central Park, it is no where near Midtown/Times Square, but that is not a problem since there is a subway three blocks away!! As for dining options there is a deli two blocks away that serves great coffee and delicious bacon, egg and cheese bagel sandwiches, as well as other breakfast favs. Crepes on Columbus, about 3 blocks down, is also a great dining option. The neighborhood also has small shops as well as several produce stands and food carts.
The rooms arent in the best shape, ours faced several buildings, but it was quiet and my son was fascinated by a family of black cats that had taken up residence on one of the roof tops! The paint job was sloppy, the floor was slanted, one of the light fixtures was broken, but these things didnt matter since we would leave the hotel at around 8am and not return until 11pm. The beds are modern and super comfy with lots of pillows!!!! 
The staff was super nice and the hotel does provide a car to the airport for $60, which isnt bad considering it's about $45 to take a Super Shuttle. We were greeted every morning and evening and they all made small talk with us. Excellent customer service!
I would definitely recommend this hotel to anyone traveling on a budget and yes, you can do that in NYC!!!