Thanks to everyone for the great suggestions....
Just as an FYI, I booked the Doubletree Metropolitan on Lexington in Midtown. I might go out to a bar one or two nights, but the majority of my trip will be shows, museums, restaurants, etc.
I am a Hilton Honors Diamond Member and wanted to get the points on my 8 night stay (and I have friends who will be staying at The Marriott on the same block) so that is why I chose the Doubletree. I emailed the Guest Services Manager at the Doubletree and asked her to help me with a more aggressive rate that the $229 I booked on the website. She bumped me back to $175/ night. As a back up I had booked the Hilton Fashion Hotel in Chelsea for $175 also, but ultimately opted to stay near my other friends who will be with me the 2nd half of the week.
Thanks again for all of the suggestions. I will certainly keep reading Flyer Talk for tips in the future!!