Rooms and service are really bad
SUMMARY: location was great, but that was it. Service was bad, rooms were set up without thought (ie couldnt watch TV from the bed), bathroom was dirty and reeked of filth, and the customer service was underwhelming and disappointing (to put it politely). Save yourself the time and find a different place, there are enough hotels in the city in this price range that are far, far better. 
DETAILS: Stayed here over the weekend for a sunday night wedding that was taking place in the hotel. The location was perfect- right across from central park, lots to do in walking distance. But that was it.
When we wnt to check in, it took FOREVER. The line was really long and was not moving. Waited, waited, waited, until we FINALLY received our room. Room was a little shoddy - carpet was worn, furniture old and drab. I went to the bathroom and noticed that there was only one bathrobe and an empty hanger for the second with a tag that said "if you take the robe on this hanger, you will be charged $100". Well, I guess the occupants before me are getting charged $100... but why didnt housekeeping replace that robe? This was the least of my problems.
The bathroom shower was not clean - it actually reeked of dirt. Seems like they never scrubbed the tub or replaced the shower curtain, and years of dirt layered themsleves in the form of a film all along the inside of the shower curtain... was gross. 
The flatscreen TV was on the wall to the far left. But the bed didnt face that wall. And the bracket didnt swivel out. So guests cant watch TV from their bed, which is ridiculous. We needed to watch a movie while either sitting on the floor or on the one chair in the room, which we moved so that at least one of us could sit normally while watching. Ridiculous.
The clincher - the wedding was scheduled for 4pm. We stayed for two nights, and asked for a late check out at 4pm which I know they've offered to other guests. They said they could give me a check out at 2pm, but if I want 4pm, I need to pay the rate for an entire half day's stay! I couldnt believe it, I asked for a manager and explained that I'm part of a wedding party that was getting married in the hotel itself and we wanted the room so we could shower and get dressed, we'd be out by 4pm which is when the wedding starts. Surely they can accomodate that request rather than nickel and dime us for a whole half day when all we need is just two extra hours? Nope, no dice. It didnt matter that the wedding there was generating thousands of dollars in revenue for the hotel. They wanted the extra 150 bucks or whatever it was for a half day rate in order for me to have the room for the additional two hours. 
So, in sum, I wont go back. Theres a ton of hotels in NYC. This one was very expensive and simply didnt deliver. Waste of money.