OK - but could be so much better
The variation in the standard of rooms at this hotel is enormous - some look really nice and some are barely OK. This, sadly, means that the customers with the loudest voices will get preferential treatment and upgrades - if you like to avoid confrontation, you will most likely have to put up with a shabby room.
Room 1431 is definitely one of the poorer rooms - air con/heating was madly noisy even when switched off! (and didn't work that well, either); decor was really tired with torn wallpaper, scuffed paintwork and worn carpet. Bath did not drain properly, meaning you take a shower standing in 6 inches of water! On the plus side, the room was quiet (apart from the heating!) - no sounds from other rooms and traffic noise not a problem.
This is a budget hotel, and unless you get a really poor room as I did, it does offer a very good deal for a NYC stay. Location and cleanliness were both excellent. Rooms were cleaned very efficiently every day. However, the service is very impersonal - even downright frosty at times. Check in desk staff are admittedly busy, but could make an effort to be more friendly - it doesn't cost anything, guys! And in 5 days, not a single doorman offered me so much as a smile, never mind a 'hello'. Apart from one very nice and efficient man who organised a car to the airport for me, no staff member made any effort to offer me any more than the barest minimum of politeness.
The diner (Park Cafe) attached to the hotel is great. Efficient, friendly staff and excellent basic diner fare, served with a smile until 1am. 
The elevators worked fine and I never had to wait more than a few moments. 
The lobby has hardly any seating, and at busy check-in/check-out times, it can be quite chaotic and unpleasant. It reminded me of being at an airport where all the flights have been suddenly cancelled!