This is a great place if you just need a bed, a place to put your stuff, and a shower in the morning. You cannot beat the price for what you get (I paid $40 bucks with taxes per night). It is a hostel, not a hotel, so be expectant of that.
Yes, the rooms are quite small, but why would you need the space if you're just there to sleep? My room had no windows and it was terrific. It felt great to not be woken up by the light of day as I am definitely not a morning person!
Pros: Price and Location (minutes from great shops in SoHo, subway, awesome restaurants), riddled with ridiculously good-looking male models (seriously).
Cons: Noise (unavoidable in most NYC hotels/hostels, and they give you earplugs here), No elevator (expect to carry your luggage up a few flights), Housekeeping doesn't come every day.More