Personally I love this location, near a bunch of food options, subway lines, nightlife, attractions, and not too far from Central Park and everything else in Midtown.
As for the property itself, it's pretty much what you'd expect, considering the price is like half of anything else in the area: A hostel, where the extent of privacy you can expect is curtains on the bunk beds, and the showers don't even have showerheads.
But it's clean enough, the lockers are fairly large, and there are lots of little modern features (like the checkout robot), so overall I'd say it's a solid option for anyone who'd like to stay in the center of Manhattan without breaking the bank.