Great location if you want to see Greenwhich Village. You can walk to Soho, East & West Village, Union Sq., and easy access by subway to all other parts of city. 4th street train station is right down the street.
Mario Batali's Babbo is across the street and some great little places to eat on Cornelia St. about 2 blocks away. I especially liked the Cuban place, I think it's called Havana. It on Cornelia.
The staff here can be aloof at best and very rude at worst. i stay here a lot as I do work at NYU. Definitely worth splurging for a deluxe room as the regular rooms are VERY SMALL.
If you are a toursit I recommend the West Village walking tour offered by Big Onion. They have a website with a schedule of their walking tours.
The bar/lounge in the basement behind C3 is hidden, but worth finding.
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