Great location - good price.
Don't expect any luxury at all! This is a worn down hotel with a great location in New Yorks - in my opinion - best neighborhood. Placed in The Village and very close to Soho, you'll have great shopping and dining and real New York life at your feet. 
Breakfast is included which is quite rare in New York. It's not much - but you can start the day with some buttered toast and a cup of coffee. The rooms are clean and that is just about all there is to say about them. Don't expect to be charmed. Bathrooms and toilets are shared and fortunately clean.
I've stayed at The Larchmont twice and will probably go again because of the price and the great location. It leaves more money for shopping and experiencing the city.