Great location close to 5th Avenue and a stroll to Central Park. As others have said, lobby was undergoing refurbishment recently. The décor is very good, and the classic features such as staircases and lifts give a real sense of atmosphere. Room was large and fully functional, but had no real wow factor.
Service was a little mixed - concierge was excellent and knowledgeable, but service was not great at breakfast - but it's a minor issue.
If you do go, the King Cole cocktail bar is a must visit - apparently they invented the Bloody Mary there in 1934, although it is known there as Red Snapper - and it's very tasty!