The location is excellent; the area is great for going out to eat and it's in central Manhattan. The hotel is a bit worn down, the shower only had hot water occasionally. There was AC in the room which worked quite well, even if it was a bit noisy. The decorations in the room were so horribly bad it probably counts as art (but as this is quite common with hostels). Overall a great place if all you want to do is sleep and take cold showers - afterall, you are in NY, get out and start exploring!!
Due to the cooperation with Belushis pub the hostel is filled with activity. The fact that it has a cinema of its own is quite nice too. The biggest drawback is that the toilets often are close to unusable due to said cooperation with the pub (due to being very dirty and not cleaned until the morning). The room was a bit noisy (not due to the residents). If you want to party in London this might be an excellent choice, you might not even have to leave the hostel for the party.
No lockable boxes etc in the rooms; clean and fresh. Rooms cleaned often. Free WiFi but only in the lobby; a few tables in the lobby. While they do sell some soft beverages no activities going on in the lobby. Relaxed place.
A fairly average hostel; good location with several nice pubs and restaurants nearby, about 5-10 min away from the u-bahn. Some have written that the staff is a bit grumpy, but in my experience this is only towards guests that have forgotten the card they get upon sign in (which results in more work for them). One of the mornings the hot-water didn't work in the shower, no notifications were given, apart from that all worked well with the facilities.