Small and Pricey, but great neighborhood
Some of the smaller rooms I've encountered have been at the Flatiron. It's fine if you are solo on business. tiny bathroom but modern. the rooms are well appointed despite size. unfortunately, there are so many better value alternatives nearby that i rarely stay here -- the rates are great in the winter but then go up dramatically and make it not worth the $. 
the neighborhood is terrific but it can be noisy - madison square park right outside your door. Eataly and the rooftop beer garden, and a short walk to some of lower manhattan's best neighborhoods.
while i don't use it as a regular traveler to NY, the Flatiron is worth visiting, at least once.