The place is great because of it's location. It's in a nice neighbourhood and everything is close by.
The studio itself is very basic, nothing pretty about it. But you have everything you need, especially if it's just for sleeping and you are all day away anyway.
The value proposition just depends on the ratio of the location and comfort of the studio. The latter is lacking and my gut feeling is it's too expensive. But realistically, it's a good price for such an amazing location.