Booking.com is offering standard double-rooms in the 3* Hotel Wolcott for very reasonable 57 Euro or 46 GBP per night.
The regular rate for this hotel is around €100 / 81GBP so you can save some money here!
The Wolcott is located in the middle of Manhattan, just a 3-minutes walk from the Empire State Building. It is possible to walk to Penn Train Station, offering direct rail links to many of New York’s attractions. Madison Square Garden, Times Square, Rockefeller Centre and the MoMa are all within a short stroll away.
If you're in New York between January and March 2013, and you're looking for a affordable accommodation, I would highly recommend to take a further look in this offer.