I stayed here back on August 19-21 in a Fantastic Suite with simply the best views of Manhattan. Just for the views alone I think this is worth it. Last year I picked this property over all other W's and Starwoods in NYC, for one thing the cost was a little less but it's a fairly new hotel. The staff has always been great and I feel even if you are a first-timer to NYC this is a great choice. The PATH station is only a nice 5 minute walk away - and when I say nice you're walking along the Hudson with that view of Manhattan right there as you head on over to the station. From there it is only a 15 minute ride down to 33rd street with stops at Christopher, 9th, 14th, and 23rd.
One can always stay closer to the action in NYC if they wish, but I personally wouldn't hesitate to stay here again. It's my first choice when going to NYC and my most recent stay was even better than my very first stay here a year ago.