I was surprised to find a shared dorm for 2 in the heart of Time Square, and it turned out quite spacious. The sheet was clean. Staff were friendly. The facility is quite OK for a cheap hostel. There was no internet in the room, but only in the lobby. Although it is possible to borrow internet from next-door pub.
The location is so convenient that I can carry a small bag and go back to have a rest or get dressed between visiting museums, having dinners and watching a Broadway show. I bought a New York Subway card, but did not have chance to use it as I spent most of the time around Time Square.
Cons: I have a room facing 45th St.. It was very noisy, unfortunately. Delivery trucks drove by starting from 6~7am and the music from street stopped after midnight.