"The good? Location, location, location.
Hotel at 5th is in the heart of Ktown, one short block from Empire state. It's an older hotel, classic big city independent kind of feel. It's not going to be as polished and regimented as a Hyatt or whatever, but, it has character in spades, and for what you'll be doing in Manhattan, it's perfect. It's a bed, a bathroom, and a location that is close to where you want to be.
Wifi's good, shower was decent, water quality in the shower is excellent (I think they're softening their water, it's nice), climate control in the room is good, staff was friendly and useful for a suggestion or to just get your bearings on a town that can at times be overwhelming, all quite good.
The k-32 rooftop bar is likely the best view of Empire State that exists, drinks are good and inventive, staff is excellent, like no business being that good, five stars to all of them. My only complaint is, it closes at midnight. The staff was cool about it, but, you won't be there till 2am, so plan accordingly.
The bad, well the rooms are small. That's what you get in Manhattan, if you want to hangout in your room, you're doing it wrong. The bed was just ok, didn't spend much time in it, didn't bother me, but, if you're expecting a fancy mattress you'll be disappointed.
The ugly, it's an older hotel, she's showing her age. It's clean, no worries there, but, the fit and finish is a 3-star. I think it's a gem if you like character, not if you want apple store modernity."