We were very pleased with our stay here. Probably its best feature is its convenience to many of the main things tourists will be doing in Manhattan. In particular, shopping on Fifth Ave, Broadway, and several museums are all very nearby. Lower Manhattan is very accessible by subway and Penn Station is a short walk away. We felt safe in the area and everyone was extremely helpful with luggage storage offered before we checked in and after we checked out.
The room is very small. We kind of expected this and it was not a problem for our group of three people, but it could get crowded with two couples sharing the room. Overall, the benefits (value, proximity, and safety) outweigh any negatives that come with it being smaller. There IS an elevator and some other amenities in the building, such as a place to get coffee in the mornings, an ATM, etc.
This is the perfect option for someone who just needs a place to sleep because they will be very busy while in the city.