Those rates are indeed high, but I think it's the time of year you are going. Plus if there is something major in town, occupancy can drive the rates up.
I sometimes have luck at the Sofitel (44th - btw 5th and6th, I think.) Pretty big rooms for NYC. But at that time of year, I bet their rates are pretty high as well.
Sometimes you can get a good rate at the Paramount; the rooms are TINY (but clean and decently appointed). This hotel is right across from the Marriott Marquis.
Has anyone ever used broadwaygetaways.com? Are the a reputable company? I found them as a link off of the telecharge.com website. There prices for hotels are pretty good. Does anyone have any experience with this company either good or bad?
The Edison Hotel, in the mid-W. 40's, is my choice. It's clean, safe, centrally located and reasonably priced. It also has a very good and inexpensive diner just next to the front desk, and a second restaurant also connected to the lobby. It's maybe a 10 minute walk to the Broadway Theater where you're seeing "Color Purple" and just minutes away from the Imperial where "Scoundrels" is playing. At 11:00 or 11:30 at night the entire theater district is bustling with people, so walking back to your hotel from the Broadway Theater won't be a safety issue, just go with the flow and have fun! Enjoy your visit.