Great location for anyone new or returning to the city. Being in the East village and the Lower East Side opens you up for great restaurants, bars, clubs etc. as well as an easy walk throughout the whole downtown area. The subway is just on the corner with the F train servicing all of the top spots in midtown so you will have no issue getting yourself about with ease.
Accomodation is standard for the city whilst being a touch more affordable. Rooms can be small but the facilities are available for you in your room along with a great roof terrace to take in the views.
Hit up the nearby Russ and Daughters and Katz Deli, you won't regret it!