Preferred Hotels and Resorts is not related to Choice Hotels. It would be funny if the brand that includes Rodeway Inn also had The Mark and Bacarat.

Edit: I was incorrect; you have to log in to preferredhotels.com via Choice to see the preferred hotels (I thought you were referring to Ascend Collection Hotels, which also can be booked with Choice points). The Sherry Netherland is 82,000 points; the best Choice Hotel in NYC is the Cambria Chelsea, which would run 35,000 points. The Cambria Chelsea is fine for a limited service hotel, but is nowhere near the quality of the Sherry-Netherland. Sorry for the confusion!