This is a historical (i.e. OLD) hostel located in upper town Manhatten. The location is really not that great because it takes 30+mins to get to mid town where all the buzzs are occuring by subway (you gotta wait for the trains and they don't come that often.)
Price is, just like what they claimed, unbeatable. However, there's yo ain no free lunch. Watch out for the after-10pm-don't-even-bother-me staff members, because if anything happens you are on you own.