I have just returned from a NYC trip. I booked this hostel by recommendations of friends for budget places to stay in New York, so I want to share the details of my experience with this hostel while my memories are still fresh.

First things first: It's a hostel, and as such, don't expect typical hotel amenities from the get-go. The whole place has seen better days, there's no such thing as room service, and the cleanliness of the premises is pretty much questionable. But when the alternatives of staying in downtown Manhattan are this and paying up $300 or more a night at a hotel, you can make up your mind about which choice you would choose. It's not as if you are going to NYC to stay at a hotel anyway.

That said, I got a room that is as basic as it gets: A 7' x 5' space with a twin-sized bed (mattress looked quite new and clean, so no bedbugs), a place to put stuff on, a mirror, and A/C which I didn't use because NY isn't so hot in May. That's it. No TV (didn't miss it anyway) and you have to pay $8 extra a day for wireless Internet access (a big step backwards, since they used to offer free access). You'll also get a towel and a bar of soap for your entire stay (bring your own toiletries). The shared bathrooms seem recently rebuilt, however depending on who you share them with, they can be squeaky clean or be a pigsty when you need them (they do clean them every day, though, and it pays to use them early). I got a mix of both.

As for sleeping, most of the times you will only hear the sound of neighboring doors opening and closing, but if you've got loud neighbors who like to chatter or talk loud or come back drunk at 4 a.m after clubbing, you will hear that through, so come prepared with earplugs or the like. At least I got two AC plugs where to connect my computer, cell phone, etc. They have a common lounge area with computers, vending machines, TV, etc.

Also, Trip Advisor has the address wrong. Entrance isn't at 95th street, but at the 94th, and has no sign on it (other than a fading "Mount Royal Hotel" marquesine).

Location might be this hostel's greatest asset. It is on a quiet street and secure area, yet at just two blocks from one of the main Line 1 subway stations (at 96th St) so getting to and from places in NYC is a breeze. Also, there are plenty of eateries and convenience stores around for anything that you will need. So it's much down to whether you are willing to put up with some inconveniences to stay at a functional place in downtown Manhattan on the cheap. Not a small deal on this expensive city. Your call.

Some additional services:
- Paid lockers (at $5 a day) to stash your stuff if you're leaving the city late

Some more cons:
- Slooooow elevator (try to get a room on the lower floors)

I'm not fond of sleeping in a dorm (unless the dorm is shared with friends), so we and my boyfriend booked a private room with shared bathroom in the hall. We were in NYC in May and never had a queue to the bathroom, and it was the door opposite ours, so it almost felt like we had it to ourselves.
What we wanted in a hotel was, of course, a good price, a bed we both could sleep in, and some privacy. Since we were planning on exploring the city as much as possible and not staying in too much, the shared bathroom wasn't an issue. You still get a big bed, a drawer, a TV. The basic stuff. They clean the rooms every day, and in the "lobby" there's computers where you can pay a buck to go online, plus the subway is just a few minutes away. It's perfect for sightseeing at day, sleeping at night.

While reading reviews about Candy, we were worried about bed bugs but we had no problems what so ever with that. And the bathroom in the hall worked out well. Since we booked months in advance we got a very good deal. Way cheaper than any other hotel I've checked out. Don't think I would have payed full price for it, but now it was well worth it.
If I were travelling in a group I'm sure it'd be pretty nice to book a whole dorm, and just chill with your friends. Otherwise I recommend booking a private room, unless you want to share your space with strangers. It's not that much more expensive either. You still get a great deal.
I'm glad I spent little money on the hotel so I could spend my money on the trip itself.

Good to know:
It doesn't say "Candy Hostel" outside, but "Mount Royal Hotel" which is confusing...
Taking the subway downtown taking about 15 minutes, so it's close without being in the middle of it.
Book early! It's not worth paying double when you could get it real cheap. Well, duh.
Just a short walk to Riverside Park and Central Park so you can have breakfast picnics!