It was our first trip to New York and finding affordable accommodation was important. The kids enjoyed the different experience of staying on the house boat. Although the accommodation was very compact we really only used the house boat to sleep as we were out exploring NY each day. There was quite a distance to travel each day but the subway worked well (note the bus to get from the property to the subway station was far from reliable though) Angus was helpful in getting us the correct bus and subway lines and the tickets the first day.
Note for families with young children - it may be hard to get them to sleep early if that is your plan because sound carries along the dock from other boats and fairly loud music/tv was heard most nights until late.
Overall we had a great time for our NY visit.