If you do want to/end up eating in Times Square area, Dallas BBQ was a great deal. (It's on 42nd St, heading towards Port Authority.) They had a roast chicken meal for $6 that was quite good and generous portion. We had 4 adults and a child split a couple of those + an appetizer.
The line can be crazy (but moves quickly- the place is HUGE). We went at an "off" time though and pretty much walked in.
Depending on your interests/ages/how much you want to see- there's a ton to do in NYC for next to nothing. We took a youth group in April. Our one day itinerary (as set by the chaperone was from Manhattan)-
We walked 5th Avenue- looked around Rockefeller Center (FYI, it's around $20 to go up to Top of the Rock. There are coupons at Port Authority {I'm sure other places} for a couple bucks off. If you happen to be military, it's $10. It was a great view, highly {haha} recommended. You go right up, unlike having to wait at Empire State Building.) If you're heading towards Central Park, you can also see Plaza Hotel, FAO Schwarz, Tiffanys... Going South, there's the NY Public Library (go inside and check it out- fanciest library I've ever been in. The Reading Room ceiling is neat.) Walk by Empire State building, to go Macy's.
Then we hopped on the subway down to Ground Zero (the rebuilding is really starting to pick up there- I was amazed the changes just from April to when I went Memorial Day w/e.) There is a small memorial museum (I don't remember the address, it was on the east side of construction site.) It's by donation, very moving.
Walked around and saw the NY Stock Exchange, original US federal building and Trinity Church (great historic church, also well known for being in National Treasure). Walked down, took the Staten Island ferry (free!) for a great view of the skyline and the Statue of Liberty.
We walked up to Chinatown (was a hike, subway would not have been a bad idea- but our chaperone was an attorney and wanted to walk by andshow us all the NY courts he used to work in, I think, lol.) We ate at Big Wing Wong restaurant. I couldnt' tell you where it even was, the kids picked it out based on the name (!). We split a few entrees and appetizers- under $30 for all and there was stuff left over. (Which says alot seeing as we had 6 teen boys!
We also walked the Columbia U campus, but mostly because the other chaperone had gone there + it was near where we were staying at St John the Divine. (Which, as an aside, has a neat retreat for any youth groups interseted in going!)
