Obviously there are a lot of places to stay in NY and more specifically in / around the theater district and unfortunately none of them are very cheap. That said, there are still some reasonable deals to be had.

My first tip though, even before I talk about a hotel is to tell you to get a Metro pass good on the subways & busses. The cost for an unlimited 1-day pass is $7 and the cost for a 1-week pass is $24 (so at 4 days or longer it makes sense to get the week pass). It is not only a good deal monetarily but it is soooooooo easy to use. There is a subway station at 47th & 7th which is less than a block away from the Brooks Atkins theater so no matter where you stay, you can get close and if you want to walk just a little further, get off at times square.

Anyway, part of your decision should be made based on what you need / want in your hotel room. In our case, there were 4 of us and we still wanted a little privacy so we went with the Wellington Hotel (7th and 55th) 1 bedroom suite. It has a separate bedroom with a queen bed that has a door, a living room with a queen & a pullout queen and a hall/foyer area with a fridge and microwave. While not new of terribly fancy, it was nice, quite large, suited our 4 person needs very well and was a great location being within walking distance of the theaters & Central Park plus it had a subway stop right outside the front door (1-stop from the stop for Brooks Atkins so when the weather was bad it was a quick & easy alternative to walking). Also found a great take-out deli across the street where we bought a few meals to bring back to the room so we saved some $$ there and were able to keep & reheat leftovers.

I just checked their website and for a Thurs, Fri, Sat night stay in mid may, the price is around $300 /nt which is better than getting 2 rooms elsewhere. Of course if there are only 2 people this is not quite as good of a deal but still worth considering.

I am sure others will also have recommendations but I figured I would chime in as my wife said that is the first place we would look on future trips to NY because it was such a good combo of location, accommodations and price.

Good Luck finding the right place for your trip and have fun back in the Big Apple.