Yes! There are great discounts out there right now.
Check out
www.travelzoo.com and the NYC lodging specials.
There is a brand new Holiday Inn for $129.00 night. Also look at the Embassy Suites (lower Manhattan/might be very nice in August), The Affinia Manhattan, Affinia 50 and the Wyndham special. Many of these run only up to $159.00/night and include breakfast.
Google each hotel before booking and read the trip advisor reviews. See what people have to say about location, etc and decide which one works best for you.
Some other helpful websites:
www.menupages.com for restaurant info by area
www.hopstop.com for walking and or subway directions
www.tripadvisor.com.....make the NYC forum your friend, read what the locals advise, what is going on, restaurants, etc
Also to consider:
The Staten Island Ferry is free and a great way to view the Statue of Liberty
Both the Metropolitan Museum of Art and Museum of Natural History are suggested donation only
The Sony Wonderlab is free on a first come, first serve basis
Walking the Brooklyn Bridge into Manhattan is wonderful and free
Check out the Central Park website for any free events
Check out Bryant Park website for free outdoor movie schedule
Brooklyn Botanic Garden is free on Sat am's from 10-12
For discounts on Broadway shows,
www.broadwaybox.com or mousesavers.com has current discounts for the Disney shows
Have a great time

Happy Planning