A bit shabby, but it's the location that counts
We stayed there for a week - a family of four in a suite. To begin with, it's the location that made the accommodation bearable. The room was shabby, old stained carpeting, street noise at the 12th floor, the carpet was rarely vacuumed, the bathroom was as big as a normal sized closet. 
We had a kitchenette (microwave, sink, fridge, and a lot of cupboard space). But it was relatively useless since there are no plates or eating utensils. I called the front desk to see if they could send up some plates (we were sharing some food that we brought in from elsewhere). But they couldn't give us anything. The hotel had room service from a restaurant downstairs. I asked if I could order room service and have them just bring up the plates. But that was just being ridiculous.
In other words, if you need plates or utensils for your "kitchenette", plan on bringing your own. This is just plain silly.
Plus side: I think the staff is aware on how crappy the hotel really is and they try to make up for it. The girls at the front desk were very helpful, and the concierge(s) were extremely informative and really knew the city inside and out.
And then there is the location. You really couldn't find a better place - it's right next to the subway. Central Park and Times square all within walking distance. Starbucks is right across the street with free wi-fi. (the hotel charges for this).