A sense of humor and a bottle of bleach
Ok it has to be said that this isn't quite the old style glamour of Broadway I had pictured, but I knew that before I arrived. Think posher hostel rather than hotel and you will not have a coronary when you arrive. The location, as mentioned, is amazing and you can't argue otherwise and this is what you are paying for. Reception were quick and efficient and the lobby has internet and a desk available for booking tours etc. They charge $2 a bag if you want to leave it there on check-out day and be bag free before returning to the airport. 
The room was pretty dull and a little grubby, we ignored the towel hanging up in the clothes cupboard, the cracks in the sink, the dust and general lack of 5* appeal - we did however have a giggle about it, got over it and enjoyed our stay....the bottle of wine helped. The bed was ok, sheets clean and air-con worked. If you accept that you do honestly pay for what you get in a city that is not cheap, you cannot go wrong. If you are fussy or want the high end treatment, then this isn't the sort of place for you. We went wanting a place to sleep, not a spa, geyt out and enjoy this amazing city. If you do it right, you will be so knackered in the evening, you won't care where you sleep and suddenly that room seems like a haven.