If you're wanting to visit New York and feel like a local rather than a tourist, this is THE place to stay.  You won't see a lot of tourists, but you'll see the locals--out walking their dogs, going to get their groceries at Zabar's, visiting the diners, etc.

There are a some really nice hotels in the area (including The Lucerne and On The Ave--both equally nice) that are only a block away from the subway stop.  There are all kinds of beautiful old buildings, restaurants and diners, and Central Park is within walking distance.

So, if you want to get a local feel for the city, this is the place to stay!