We have just returned from staying in the Penthouse for 8 nights (June 2013).
The apartment itself was great, and had everything we needed. It was a very comfortable size for our group of 6. The outdoor terrace was lovely. My husband and I had bedroom on street side and being a very light sleeper I was worried about noise. Wearing earplugs (which I often do anyway) I had no problem sleeping. My husband was fine with ear plugs in - but did notice sirens etc. without. Being so exhausted from sightseeing & shopping we generally slept very well. We were on the top floor - but did not notice any noise between the apartments.
Our friends stayed in the Terrace Apartment and it looked great too. If I was travelling as a couple, or a small family I would stay here. If you want to avoid stairs - this is probably the best apartment also.
The apartment location is excellent. Just a short walk to plenty of great restaurants and bars, the metro and Whole Foods for groceries. Soho is walking distance.
I think WorldTraveller's review is slightly misleading. East Village Apartments are in East Village (not Greenwich Village). The Men's Shelter is not immediately next door to the apartment - there is one building in between - but I agree it is close and not as depicted in the artist impression. There were a lot of men in the street but at no time, day or night did any of our group get harassed or even looked at sideways. We walked past them alone, a group of girls and with husbands and they were always very respectful. We would have attracted more attention from a group of men in the average suburban street at home. And toilet paper was in plentiful supply during our stay - it was restocked during the midweek clean.
All the staff we dealt with were professional and pleasant to deal with.
I have stayed in a very small NYC hotel room which cost much the same price as sharing this apartment. These apartments much better value. If visiting New York again, I will definitely stay here again and would recommend it to anyone.