We stayed here for a week in September and it was definitely great value for money.
The hotel is clean and although the rooms were small and the breakfast was questionable (we gave up after the first two days as the breakfast room was tiny and they stopped letting people serve themselves!!) everywhere was clean and tidy and the location was superb.
The hotel is within walking distance of the Empire State Building, Macy's, the shops on 5th Avenue and Greenwich village, and there is great access to a number of subway lines nearby.
It wasn't the Ritz but this wasn't what we were expecting for the price we paid. A nice comfortable hotel for those on a budget! Would definitely recommend.
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