I have stayed at the Regency but not on points. It is a world class hotel located on Park Avenue. It is a little bit of a walk or a short cab ride to the theater district or to Times Square. It has great shopping in the area and is very upscale. It is the "power breakfast place to be" in NYC. On any given morning you will see celebrities and politicians meeting for breakfast in the Regency dining room. I can't say enough good things about this hotel, but I wouldn't pay the points that they want for it either. I would much rather pay cash.
HBC