First time around
Pros
The building is so close to the A/C/E on 8/42 and other trains too. It's close to great restaurants, clubs, bars, Broadway, Central Park, and etc. The location and its accessibility to transit makes it an attractive housing option.
Cons
The water pressure is weak. The building is old. It's next to Time Square. It's loud all the time. Lower-level apartments may not receive direct sunlight.
avoid TMS management
Pros
Good price for the apartment (when I lived there) Laundry in building Location is close to all the subways, so super accessible
Cons
The management company (TMS) is pretty tough to deal with—you have to really harass them to get basic stuff done. Noise travels through the units. The units themselves are in okay condition, but the building is old and you may be impacted by that (e.g., there was a leak through the walls to the ceiling of our downstairs neighbor and they constantly were trying to fix it through our apartment—after months they finally realized they had to fix the building's pipes, not our shower or toilet or tiling). We had construction going on next door to us while we lived there and dealt with a lot of roaches in that time, unfortunately, but i think that's par the course for construction in nyc, so don't necessarily fault the building
Advice to the owners
Be nice when your tenants call you on the phone