I walked past this hotel over the weekend. I know nothing about it, but it's in a very central location- a few blocks from MSG, Times Square, Macy's and Port Authority. And it's CHEAP (starting from $100 including tax) - probably as cheap as the place in Albany. It's on a fairly nondescript, grimy block in the garment district, but it should be just fine. Still, proceed at your own risk.
http://www.sentonhotel.com/index1.html