I stayed at this place for 6 days and I enjoyed it. If you are looking for true new York experience this is great place on budget
Few points:
It have excellent location, very close to line 6 and very close to central park. Trip from time square to here takes 30 minutes.
Place itself is more like hostel situation (multiple viable rooms) with some shared place. I enjoyed it very much as I manage to meet interesting people who were there also. You will hear 2 or 3 languages by just visiting.
Hosts are true New yorkers. They know places and people, they are quite lively and zesty, and always willing to help or advice.
If something broken or happened they tried to solve it as soon as possible. As building is older this may happen.