Back from the hotel. It's a great choice at these crazy prices. Room was small (total floor space, including bathroom, probably 3 times the size of the queen bed), but semi-stylish and very clean. The feel of a mid-priced boutique hotel, with no additional services. The majority of the guests seemed to be foreign tourists.
The neighborhood is OK. I felt safe walking around. It seems somewhat in transition, especially as you step a block or two away from Central Park West. Some lower income housing a couple blocks away, so I would exercise reasonable caution late at night.
I found free parking across the street on Central Park West. Driving from midtown is pretty easy and quick if you take the West Side highway.
I would happily stay here again if I could get cheapo rates.