Fliar - I would suggest asking your question in the New York City Forum - it is much more active than this forum, and the regular responders there are very knowledgeable about NYC Hotels.

The Sheraton Suites is on the New Jersey side of the Hudson River. Although there are some transit options (busses, ferries, etc), a great deal of the exhiliration and fun of visiting NYC is in walking and moving around the city - IMHO it would be much more of a true "New York" experience if you stayed in Manhattan.

BTW, your travel dates are just before the Republican National Convention, one of the two major American political meetings held every four years - the Convention dates are August 30 - September 2, 2004. Many NYC hotels will be under the control of the political party and of the delegations, but hopefully your dates are just far enough ahead to avoid the arrival of the delegates, and the accompanying visitor saturation and anticipated extraordinary security measures (such as temporary transit shutdowns).