It is not as ridiculously overpriced as the Setai (where I used to live), but it's still overpriced for what it is, especially since it is looking so worn after such a short time of being open. There were dark stains on the cloth sofa, a huge water mark/stain on the wood credenza, a broken wooden blind, and dirty outdoor furniture on the balcony (which is not big enough to be called a "terrace", although they do call it a terrace).
If you have Starwood Platinum status, beware. This property does not offer late check out (noon is latest) and does not have any type of lounge for free breakfast. (Breakfast for two was $65.) They also didn't offer the best available upgrade. The best upgrade they will offer is to Oasis suite, although none were available. I was offered a Fantastic suite on a low floor at first. Upon asking for something better, they coughed up the same suite on a higher floor.
The location is directly on the ocean at 23rd street, about 7 somewhat far, but walkable blocks from Lincoln Rd. if you're looking for hip, the Gansevoort next door might be a better choice. There are also a few good, recently renovated properties closer to Lincoln Rd.