When we first arrived here and the taxi pulled up, we thought this place would be awful. The street that it is on is certainly not the best in the world, as there were lots of homeless and random people just sitting on steps and the street did not look that safe. However, appearances can be deceptive. We booked a private en-suite room for $99 a night, including tax a (bargain). There is no lift and we were on the fifth floor, so that was a bit of a downer. However, the room was really quite modern, with wooden floors, proper A/C, cable TV, and a new shower. The bed was a bit small, but for that price and what we got, it didn't matter. The private rooms, which they call studio apartments on their website, are grouped on the same floor. Security was good; you first got a key to open that part of the floor where the studios were and then, of course, a key for your room. There is no curfew, and reception is open 24 hours a day. There are also lockers available if needed - just don't forget your padlock.
I really can't complain about the room, as it was a great value. There is Internet available on the bottom floor (three computers); $2 got you 20 minutes. There is also a lounge room with a TV, pool table, and kitchen. There are no laundry facilities, however. The hostel itself, which is right opposite Central Park (don't get excited; you don't get any view from your window) is right next to a subway station, literally a 30-second walk, which was hugely convenient. They also have storage facilities for your baggage; if you want them stored overnight, it costs $5 a day.
All in all, the street may not have been that good and it wasn't in the best area, but the room was modern and very clean (with housekeeping everyday) and it’s next to a subway. If you are on a budget, then I really recommend this hostel.