Hotel does the job for a budget traveller but dont expect support.
It is very hard to rate a hotel which wants to be one thing but which is clearly another. It’s also hard, if you read reviews below, to balance it against unrealistic expectations.
Bottom line. This is a boutique hotel, or motel, placed in the perfect position in Manhatten. It is nothing more. It will never be more than a three star sleeping hole. It should not pretend to be more and maybe more importantly some reviewers should never expect it to be. It is clearly aimed at the back packing fraternity or school groups, not for families, seemingly unable to shake that history from when I knew it in the eighties. (Yes I stayed here when it was little more than youth hostel.)
The room. Basic and functional. This is a 1930s hotel. The rooms will not be big, quit complaining. I stayed in the Waldolf two years ago. The room is the same size. Anyway, you are in Manhattan, the greatest city in the world, do you want to stay in your hotel room? For us, a family of 4, it was fine. Yes it could have more shelving. I could spot several locations where they could have put extra storage. Yes, the TV only has basic channels and some had poor reception. But again you are in Manhattan, the greatest city in the world; do you want to stay in your hotel room? Very poor that there was no kettle. I think that is a bad oversight. The quality of the rebuild is let’s say basic. For instance the bathroom -instead of tiling they have put in a laminated sheet of plastic or marine board. That wont last long. Instead of replacing door architrave they have painted over it. The corridors are bleak and really you need a proper ceiling, that look does not go well.
One big fail management could easily put right is to have some form of information/tourist pack in the rooms. We had no idea how to use the TV, or even the telephone. We had no idea of local faciolities. These are simple things most other hotels do. Not even a Milford pencil 
But the key thing is that the rooms are fine and liveable. I have no issues with them. 
The lifts. Epic fail. It just does not work. We were on the 20th floor. Sometimes we could not get a lift for 10 minutes plus. That is unacceptable. Lift A never seemed to work. We hardly ever saw lift C. Thankfully a kind cleaner showed us the service elevators and we used those. Little tip. If you are above the 15th floor. Use elevators E,F and G to the 15th floor and walk the rest. 
The foyer. This is being rebuilt. The small area is not fit for purpose. However I would not fully blame this on the hotel but the guests. I have never in my life seen so many people insisting on hanging out in the temporary foyer. I can only assume this is because the hotel caters to large groups who obviously cannot meet in the small rooms. Result is chaos. The three PCs are too few. Though a big plus for the free boarding card printing facility. Well done.
Finally the staff. Sorry management (and I hope you are reading this) but you lose your stars here for me. Check in was fine but functional and I do not think check in staff have any idea of politeness. I have spent 8 hours plus on a plane. How was my flight? 
But the biggest fail was information. We arrived 24 hours before Hurricane Sandy hit. Did you offer me one word of advice or support. NO. Even if it had been a notice board in the small reception or a leaflet under the door. Anything would have been reassuring. Instead we got all our info from the TV however American TV is poor compared to European TV news and all they did was repeat the same details. We were stranded in New York with all airports shut and felt the hotel had no interest in that. We had no idea if we would lose electricity, water etc. Such was the fear the local news evoked. 
I would have given you 3 even 4 stars but you lost them all on this one point. Please management acknowledge that you are catering for international guests and our needs are very different from you Americans. Information and a kettle cost you stars. If it had not been for sandy I would have only minro criticisms for this hotel.
In summary. Great location and adequate rooms for basic accommodation. It’s not glitzy but you get what you pay for. If you are young with a backback or a hardy travel experienced family this is perfect for you. Just don’t expect any support or information.