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That hotel is in Chinatown, on a fairly busy street (thought not super busy like Canal St.). It should be fine if you don't mind the Chinatown environment - loud, pretty dirty, lots of people, etc (I've never been inside the actual hotel - it might be nice inside). It is safe enough, and there are a bunch of trains in the area (F at E. Broadway, pretty much everything at Canal). Plus there's plenty of good cheap Chinese food if you walk around the area.