The apartment of Edward is perfectly located in NYC. Lower east side is a great neighbourhood, with a lot of restaurant and bar. It is also in the heart of Manhattan, and every tourist place is close.
However you must know that the apartment is in the basement (no natural light), the bathroom is a bit dirty and there is some cockroach in the appartment.
But I want to say that for that price (half the price of every other place), it worth it. You just have to be aware of it.
For students it is perfect to enjoy NYC!