This is one of the most strangely managed hotels I have ever seen. There are two totally separately managed hotels sharing the same building, common areas (lobby, dining hall, reception, concierge) and the same name. The only difference are the rooms and price. If you happen to stay at the lower priced section, you still have access to the same gorgeous lobby and facilities but sleep in shabbier rooms. If you stay at the expensive wing, you will be staying at the better decorated and more modern rooms as well.
The hotel is well known by taxi drivers, there is a luxurious shopping mall next doors, and you can walk around the lively neighborhood which has an abundance of cafes and restaurants.
I would prefer to stay in a more upbeat area with better subway access if cost was not important, but to me, it is and I think this hotel offers good value for the money especially with its cheaper/shabbier rooms.