This is a very nice hotel right in the middle of it all. The convenience can't be beat if you're looking for Time Square and Broadway. Basically just walk downstairs.
It's pricey but everything in NYC is, especially this area. Part of 49th was blocked off for construction which was loud itself but also allowed for nearby business vendors to load, unload and garbage trucks right under our window all night (4th floor, 49th side) which sucked majorly. They were so loud every night and made it it hard to sleep but I don't think this is common. Our AC sucked but managed enough (77-78) so I didn't complain but when checking out, I mentioned it to them. They immediately offered to wave the daily hotel charge of $30ish which was unexpected and very much appreciated.
The hotel is located around numerous subway lines so you can go anywhere with ease. The Serafina Restaurant at the hotel serves excellent food and great service.
If you're looking for a nice hotel, with a comfortable bed at a reasonable price (compared to NYC), in the middle of the Big Apple, close to everything, this place will meet your expectations.