I recently stayed here and the location was amazing! 5 mins from the Dakota Building, outside which John Lennon was shot, and right next to Central Park!
It is a one star hostel, but compared price-wise with other NY hotels, well no comparison, far and away the cheapest for decent value. I had the Premium single room which has a shared bathroom/toilets, but only one shower so you can lock the door and be private. My friend was on the floor below, cheaper but 3 showers per bathroom.
The place was clean, but I had the feeling of being in Prisoner Cell Block H :-), very bare rooms with a single thin blanket, and long white corridors, doors clanging. . . almost looking for the jailer with keys! Didn't bother us, made us laugh actually.
There is TV in rooms, not flat screen but does work so you can get depressed watching the US elections, or tune into a B movie.
The person who told me about the place said they did incredible breakfasts, but we asked and the desk said they didn't. . .? This friend was talking a couple of years ago since she went, maybe they stopped, pity.
Have to say I got excellent service from the manager whom I emailed to complain the heating in my room didn't work.and I'd had hassles with engineers not showing, etc. He actually refunded my money, so I was very impressed, felt way more than fair.
Overall, a great place to stay if you're on a budget and not going to spend a heap of time in your room.