At first, I was a little skeptical, as I arrived in the middle of the night and the neighborhood looks a bit sketchy. But in the light of day I realized that was because a few cars were being towed on the block, making it seem like there was something wrong. LA loves to tow away your car.

As for Gramercy Place, it is absolutely fabulous. My room was supposed to be a four bed dorm, but they ran out, so they placed me in a two bed all by myself (no extra charge), it was plenty big enough for two, with a walk in closet, cubbys, two desks and a very large dresser, and still had enough room for three people to lay out on the floor. The staff is amazing, friendly and laid back, the back yard veranda was a huge bonus and there is a library (with computers), a media room (large screen tv) and 3 kitchens.
When they say it's near everything, they aren't kidding. I arrived in LA with a 1/4 tank of gas, ran all over the place from Gramercy for 4 days and didn't need to fill up until I left on day 5. There is the best taco truck down the street that sells delicious Pastor tacos for $1/each, right in front of a grocery that sells everything else you could need for reasonable prices. And the liquor store two blocks away is decent as well.
It was definitely the best spur of the moment choice I have ever made. This will be the only place I will stay in LA, when I come back.