Noisy and Small
Cons: Noisy (street noise) made comfortable sleep very difficult, the hotel lobby is going through renovation and it's messy, the hotel is old and though the furniture has been updated basic structural things have not (e.g. wall air conditioning units, closets that cannot fit any shirts).
Pros: Nice location, price is reasonable (for NYC standards).
Bottom line: The hotel definitely tries to do a good job, but because they are right on Broadway and their architecture doesn't support how people live today, there are other, nicer places at similar rates.