The location is great. There's great pizza, bakeries, Colombian, and Greek food all within a few minutes walk. For the more thrifty, there's a $1 store next door, a Rite Aid around the corner, and a Walgreens in the other direction (about 5 minutes walk).
Hop on the train until you hear "Times Square" on the intercom and you're the Big Apple.
You can get to Long Island City without too much trouble; real estate envy will bite you there.
Great for tourists, great for a small family (put the kids of the futon in the front room), even if you have a small pet to bring along.
We would stay here again. Definitely a good place for a short- to medium-term stay in the city.
WARNING: if you don't like the deafening sound of a train and the apartment shaking once every 30 minutes (it was weird that every train wasn't that loud), you will be grow annoyed of the train