Really should not be rated four stars...
This is a great hotel if you want to be in the middle of tourist world. The vast majority of people lined up to check in (we checked in late afternoon and waited 20 minutes) were folks with online, bargain cut rates. 
The hotel was pleasant enough, just not up to the above average expected from a four star. The building has aged, and they clearly are trying to keep some of the aged charm (hardware around elevators, signs, etc) but it almost felt dated. Hard to describe, but some hotels pull the charm off with solid spit and polish, the New Yorker tries to do it more with a quick coat of paint. Once upstairs, the carpets are beat, wallpaper is kind of beat, etc. I guess the word would be worn.
The room was comfortable, although the mattress was less than supportive. I absolutely do not excuse bed linens, especially sheets, that are synthetic and scratchy, at best. For this rate and rating, I expect cotton or other natural fabric, and I expect it to be plush. The other issue was a bathroom without ventilation. While I get the age of the building, paint over tile, instead of a tile replacement, and a bathroom full of steam after a shower is again, short of four star expectations.
This hotel is perfect for a first or second tourist visit to Manahattan. Location is central, with an easy walk train, subway, Madison Square, Times Square, the Empire State Building. But for either the seasoned New York visitor or regular hotel traveler, this is not the best choice.