It's a wonderful location, with lovely staff, but know what you're getting into - it's all location.
There aren't any services or amenities to this property and, of course, it's all quite small. While it is directly in Times Square, there are other hotels nearby that at least provide things like, for example, room service. It would be acceptable for this to be simply a "parking station" for people - except the rooms themselves are small and uncomfortable and the prices are comparable to much better hotels.
Little things seemed unmaintained - the sink was missing a screw, the toilet never flushed properly - some water pressure issue meant that it nearly backed up each time. The rooms were not trying even a little to be sound proof and we could hear everything going on in the hall and outside. If you just stay maybe five minutes further away from Times Square proper you can probably be a bit more comfortable.
However, I think this room would be amazing for anyone with a functional walking disability. The bed would be easy to get into and the bathrooms are, IIRC, ADA compliant.