I stayed 6 nights at Dream Downtown in New York a few weeks back as a Globalist. Figured I'd give a short review to add to this thread.

Pros:

• Location - within 2 blocks of Chelsea Market and High Line Park, plus lots of restaurants and bars in walking distance. This is my favorite location of all the NYC Hyatts!
• Fun vibe - flashy lobby, interesting artwork, unique architecture. Definitely feels like Marriott's W Hotels. I brought over some friends and they really liked it.
• Large suite - I used a suite upgrade award for a Platinum Suite which was very spacious by NYC standards, and ended up getting one with premium "pool access" due to a hotel mixup (see below).

Cons:

• Mediocre breakfast - front desk gave vouchers for 1 American Breakfast and coffee/tea per person during my stay. I wasn't really a fan of the food though and would've liked the option to choose other menu items (nycvisitor's report above suggests this policy may changed).
• Nightclub noise - there are multiple clubs with music until 4am on weekends. My room on the 2nd floor had a fair amount of noise and bass rattling on Saturday night. Thankfully weeknights were much quieter.
• SUA mixup - the hotel didn't properly reserve my suite upgrade and initially tried to downgrade me to a standard room for Saturday night since standard suites were sold out. I pushed back and a supervisor ultimately offered me the premium "pool access" suite, so it worked out but I would've preferred to avoid this hassle entirely.

In conclusion, yes I would stay again at this hotel for the reasons listed above. It sounds like the Globalist breakfast benefit may have improved since my stay and I suspect the SUA issue was a one-off given the hotel is new to WoH. The nightclub noise could be a major issue for some people but I wasn't too bothered since it only impacted one night of my stay (Saturday).