Like others have said, the location is good for Little Italy, Soho, Chinatown , the Lower East Side, and, if you don't mind a bit of walking: Tribeca, the Village etc etc. If you are in NYC for shopping in unique stores and for going out on the town versus sightseeing, it is a great location. The hotel has been newly renovated and I found it to be VERY clean ( "new"), the bed comfortable ,and the decor tasteful and relaxing. I am a light sleeper, so I asked for an upper floor room, which I got, and had no problem with outside noise (unusual in NYC). I do recommend requesting a room away from elevators as hallway doors shut loudly. Likewise, be warned that the hotel can be hard to find when you arrive. Look for Hanbee sign to be more noticeable than "Best Western". If you are a business traveler, you may find the work space to be cramped but serviceable. If you have not stayed in New York before, you may be shocked at the ratio of room size to room cost but I found this hotel had good value for money... for New York anyway. I did not try the breakfast; there are are diners and restaurants nearby. I found the staff polite truly friendly and helpful. I enjoyed my stay, had no complaints and will definitely stay there again.
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