Hostelling International New York
If you aren't that picky and can sleep in dorm-style rooms with fellow budget travelers, you may want to try staying at the Hostelling International New York or HI-New York. It's one of the (if not THE) cheapest lodging you will ever find in the Big Apple.
"Situated near Central Park and Columbia University, the hostel is in a historic Victorian Gothic-style building on Upper West Side. It organises walking tours, sporting events, group outings to concerts and more. There is capacity for 624 guests, and facilities include internet access, kitchen, laundry and meals."
HI-New York offers clean dormitory style accommodation, with 4 to 12 beds per room and shared bathrooms located in the hallways.
What's BAD: Its location leaves a lot to be desired. It's in the northern end of the Upper West Side.
What's GOOD: The price. It's easily accessible by subway. It's near Central Park.
In a city where hotels usually start at US$100++ per night, budget travelers will really jump at the chance of staying somewhere (even if it's minus any frill) that is only priced at US$29 per night.