The apartment itself is absolutely wonderful - very clean and modernized. There were a few very minor issues, such as broken blinds and closet handles, but nothing that really bothered us at all.
As for the some of the neighbors, there was a man screaming loudly for at least an hour one night, and several other occasions of excessive noise as well as people smoking in the hallways. This might be rather disconcerting for families with younger children.
There is a very convenient bus stop directly across the street, one of the best grocery stores I've ever visited within a short walk, and lots of good restaurant choices nearby. If you're looking for a very nice, affordable way to visit NYC, and you don't mind a bus ride into the city each day, this is an excellent option.