Great apartment, loads of space for four of us. Our style conscious teenagers loved it. The only drawbacks are the 130 stairs which are a bore at the end of the day (young kids or old people should probably not stay here), the street noise in the front bedroom (take earplugs) and very firm bed in the same room.
The immediate area is a bit scruffy but you're two minutes from Little Italy, LES, etc and the subway is super close, so it's not a problem.
The only other issue we had was the $50 charge for arriving in the evening which we felt was very steep. But overall would definitely recommend, for a larger party than ours.