The closer you get to Central Park, the more things tend to cost. But, booking something just below the Park puts a lot of things within walking distance. You can also catch the on line "offers" and "packages" at some of the nicer joints. For instance, the Ritz on CP South.
Ritz Hotel Package It's a beautiful place to stay if you're in the mood to splurge a little. If you're hopping around NY, and you're not taking the subway, the cab fares will nip at you. For instance, the Statue of Liberty is down at the bottom by Battery Park -- the cab rides will cost you more than boats over to the island.
But, you'll be able to pick up as many fake Rolex watches as you can carry to bring back to your buds as souvenirs. They sell them right in the open from suitcases (no, I'm not kidding). It's a fun town -- you'll really enjoy it, and it's much more fun than Washington, DC. Safer too.