I *always* stay at the West Side YMCA. It's cheap and you have a private room. You can even upgrade for like $30 to have your own private bathroom.
It's not as sketch as a hostel. Your room is like a dorm room - bed, TV, desk, lamp, that's it. Nothing luxurious - but you're not going to be spending time in your room. It's just a place to sleep and watch the weather report. You're going to be out all day in the city.
There is a cafe downstairs for breakfast and you have free access to the pool and gym.
It's walking distance to Times Square, or just take the 1, A or C train ONE stop from Columbus Circle. You're RIGHT there at Central Park, too.
"The Spectacle has, indeed, an emotional attraction of its own, but, of all the parts, it is the least artistic, and connected least with the art of poetry. For the power of Tragedy, we may be sure, is felt even apart from representation and actors. Besides, the production of spectacular effects depends more on the art of the stage machinist than on that of the poet."
--Aristotle