I've stayed at Club Quarters (45th between 5th and 6th) a few times. This is generally a hotel reserved for companies who have time share-like rooms to put up their frequent out of town business travelers. (There's probably an industry name for hotels like this.). Anyway since most business travel is during the week they are eager to fill rooms on the weekend to the general public, and I've always gotten good rates, low to mid $100. The rooms are teeny tiny but cozy and clean, so if it's only a place to sleep it should work. And they are close enough to Times Square to quickly get to shows and the action but yet the neighborhood is surprisingly quiet so sleeping is undisturbed.