I stayed at the Milburn for years, and love the neighborhood--Westside Market, just a hop around the corner, is the best grocery store ever(with cheap gourmet items, and literally dozens of hot or cold deli dinner items ) and open 24/7 with , and there are great little shops, restaurants, etc.

That said, I prefer either The Salisbury on 55th, or The Wellington, right next door--the rooms are bigger and nicer, and cost about the same(check Expedia or Travelocity of course, but I've gotten good rates from their reservation number), but the availability is better(Milburn can be filled with long term visitors for months), and they are a walk, rather than a cab ride, from the Theatres and Times Square. Carnegie Hall is across the street, and a lot of performers stay at the Wellington--