Spent 8 nights here in April 2013. I see that many recent reviews are highly negative. Coming fresh from this hotel, here are my thoughts. First impressions were very good. The lobby is large, modern, "designer" with interesting lighting and a large fish tank, and very helpful staff. Stayed on the 11th floor. Room was normal. Do not believe the "tiny room" horror stories. I stayed in the smallest one available, the standard 1 double bed room. Great room - lots of space around the bed, two desks, a nice bathroom, a wardrobe, and a minibar (which is touch sensitive, so don't take anything unless you want a bill!) Asked for a room facing the inside square of the building, to minimize street noise. This was no problem.
There is free Wifi available in the hotel lobby. I could also access the free Wifi from my bedroom, and so never had to connect to the "charge to my room" Wifi.
The elevator. There is no dedicated staff elevator. This means constantly the elevator stops at multiple floors, where a cleaner with a cleaning trolley will be waiting to get in. Many times, when the elevator finally arrives at your floor, there is a cleaner in it, so you cannot enter (their trolley takes up the whole space). It took on occasions up to 5 minutes to wait for the elevator to arrive.
The rooftop bar - As far as noise is concerned, this is no problem. Staying on the 11th floor, which is only a couple of floors from the bar, the only noise heard was a slight insignificant bass line if you listened carefully. However, the bad thing is that it is open to the public. People come intentionally to the hotel to use this bar and club. This ordinarily would be fine, if hotel guests had priority. We pay upwards of $2000 for a week to stay here, yet can't even get a seat in the bar - they are all reserved.
The Serafina restaurant - The hotel advertise themselves as having a restaurant. However, just like the rooftop bar, this restaurant is open to the public. The restaurant actually ask you if you have a reservation, and make no distinction between the public and hotel guests. Most hotels will at least take a room number when you enter, and offer the option to charge to your room. Here, you need to be lucky to ensure there is a table available, and pay on the spot. They also charge money if you accept the bread you are offered at the beginning of the meal. Does my $2000 for the room not cover a loaf of bread? I refused the bread, being aware of this hidden cost from another online review, and their lack of recognition of paying hotel guests.
Noisy cleaners - Perhaps the most annoying aspect of the hotel after the world's slowest elevators is the cleaners (actually, they are responsible for the world's slowest elevators). They seem to start work at random times, including the early morning. Two of them were in a full loud conversation first thing in the morning, while everybody was trying to sleep. I could not even eavesdrop the conversation, as it was in what sounded to be an Eastern European language, so it was not entertaining at all to be even remotely acceptable. I hope sometime somebody is not too tired to get out of bed, open the door, and tell them a thing or two.
Apart from these problems with the cleaners and the lack of drinking/dining facilities for hotel guests, there is not much else wrong with the place. It is in a fantastic location. There isn't much noise in reality. The staff in the lobby are friendly. The rooms are cool looking. There is a good air conditioning system. The bed is super comfortable. The bathroom is clean. Everything is really modern and it is nice to be there, for the short time you will spend in the hotel during your stay in NYC.
I recommend going to Fluffy's Bakery every day for your breakfast - you won't find a deli nearby that is better. It's a 30 second walk, and cheap. Also, when the cleaners wake you up at 7am with their conversations in the corridor, you can get to the Carnegie Deli and there are no lines at all (avoid this place at lunch time).
This review is the subjective opinion of a TripAdvisor member and not of TripAdvisor LLC.