Good value and cute, but read on
I stayed here for two nights in Jan 2012
Pros: 
1) The location is perfect for tourists. 
2) This is a boutique hotel. It's very artsy and well decorated, and somewhat gaudy. When I first walked in, I thought I had inadvertently entered a trendy restaurant because of the decor. I was turning to leave and a doorman approached me to ask if I was looking for the BW. I expected he would send me somewhere else, but to my surprise he told me I was in the right place. There's a beautiful fish tank behind the check-in desk. Staff were all very polite, but reserved. 
3) The value was good, but please read the cons as well. Through my company, the hotel was half the price of others in the area. The room was nicely decorated and clean. 
4) Internet speed was good, 10M down 4M up during the afternoon. 
Cons:
1) The biggest problem was the heat. It was HOT in the middle of January. I can't imagine this place in the summer. I walked in and one window was slightly opened, and the room was 85F. I turned the AC on high and set the temperature to 40F. The room would not go below 78 with the windows closed and the air on. The entire floor was warm, not just my room. The room did have a portable fan. Before going to dinner, I opened all three windows, and put the fan in one. I hoped a pigeon didn't fly in because there are no screens. Returning I was pleased to find the room temp had dropped to 63. I dropped the AC from high to low, and closed the windows to try to sleep. Around 2am I woke up sweating because it was back up to 80F again. I opened the windows to breath, but even on the 14th floor, that lets all the noise of NY city in. There must be a boiler room below on the 13 floor, because even when I turned on the cold water, it came out hot. After running for a few minutes it will get cold...but it comes out hot, not warm. 
2) The building itself is very old. There are 2 very old and narrow elevators, and 1 updated elevator. If there were ever a fire, I would not expect to get out alive with small elevators and staircase. On several trips in and out there were bags of rubbish in the hall, and several paint cans on a cart. I wouldn't call it unsafe, because it's probably "grandfathered" up to code, but it's not nearly as safe as a new hotel in my opinion. 
3) The room keys are sensitive and stop working. During my two days there, my key stopped working, and I saw several other guests having the same problem. 
4) There were no face cloths or hand towels in the room. I left a note for the cleaning staff, and returned to find the note was gone, but no face cloths or hand towels. I then asked at the front desk, and some were quickly sent up. 
5) The room was tiny. Similar to staying on a boat. You have to plan ahead to move around. You won't fit in the room with two large suitcases. 
Summary:
Overall good value for the price and great location. Probably the perfect place to stay after the ball drop on New Years eve, and I promise you'll warm up quickly. I would never consider staying here in the summer. The location and decor were great, but when I travel on business, I don't want to even think about the room, or temperature, or keys, etc. There are so many places to stay in the city.