My girlfriend and I have stayed in the loft in May and I'd definitely go back there if I have the occasion to come back to New York - it was my first time there.
The place is quite central but still in a quiet quarter where it's possible to chill a bit when you come back from the buzzing centre, it's close to Times Square, there are subway stations on the other street (Broadway!), as well to some grocery shops which can be useful.
The place itself is warm, as the hosts Albert and Michèle are. Both have a good knowledge of nice places where you wanna go according to what you're looking for (restaurants, bars, etc.). The living room with open kitchen (that you can use) is pretty big, with couches and always a nice jazzy song in the background. You'll meet Albert and Michèle and the other guests there, from all around the world, which is cool if you enjoy this kind of contacts as I do.
There's a small bathroom with shower, with saved space for the stuff of every guest. The room we had was really nice, even though it might be considered as "small" for some people. We've been personally very happy there.
2 levels up, there's Albert and Michèle's art gallery, with some of Albert's work as well as some other artists'. It's worth a visit!
In conclusion, I'd say that it's definitely a place that we recommend! It's probably not the cheapest way to stay in New York but totally competitive with the hotels in this area of the city - and way more personal! Plus, since the place is close to "everything", you save money and time spent on the transports, which is as well precious in such a big city. You just follow my advice, take the "Door Test" when you arrive there and you'll just have a great quality time in New York!
Greg and Fabienne