The Distrikt Hotel stays up in the top 25 best-reviewed NYC hotels on the TripAdvisor site and their rates are always significantly lower than the other hotels with similar ratings.  They very often have rates well under $200 a night and they get excellent reviews.

The Distrikt Hotel address is 342 W. 40th Street, between 8th and 9th Avenues.   The location is a short walk from Times Square.