Like many others have suggested at the price point you are looking, I would look in Long Island City. Look at what is recommended there on TripAdvisor. On our last trip to see the US Open we stayed there and while it's not a charming brownstone in a NYC residential neighborhood, it's a safe, convenient, very budget friendly for the area option. We stayed at the Verve which I think is right next to the Holiday Inn. By staying there last time even with my limited budget, I was able to add in the Broadway show to the itinerary. // Personally I'd do Long Island City and a broadway show vs. cutting out the show for a more expensive place in Manhattan. // It's a super quick subway ride from Long Island City to Time Square as others have stated too. // There are some great destination experts on the NYC forum on tripadvisor too who are great with dates, party size, and budget at finding good deals and making suggestions. I'd highly recommend posting on that forum.