Here's a great site to hit before going to Priceline, if that is what anyone is thinking of using for a hotel room:
http://biddingfortravel.com/
The posts on the NYC Hotel forums show that a 4* room can be had for under a $100. And the Hotel List post shows the 4*s you are likely to get in the different Priceline designated zones:
FINANCIAL DISTRICT
Embassy Suites
SOHO - TRIBECA
60 Thompson
Tribeca Grand
MIDTOWN SOUTH
Morgans
MIDTOWN WEST
Intercontinental Central Park South
Warwick Hotel
LeParkerMeridien
Hilton and Towers
Marriott New York Marquis
Westin Essex House
Renaissance New York
Sheraton Hotel and Towers
Millennium Broadway
The Shoreham
The Mansfield
City Club Hotel
MIDTOWN EAST
W New York
Waldorf Astoria (managed by Hilton)
Intercontinental The Barclay New York
Drake Swissotel
Grand Hyatt New York
Millennium UN New York Plaza (formerly a Regal Hotel)
UPPER EAST SIDE
The Stanhope, A Park Hyatt