I will second the suggestion of the Michelangelo. The marble, crystal, and brass give it a luxury feel without the luxury prices. Pretty much anything you might want in terms of food, drink, entertaining and sightseeing is within a few blocks. ( Well, maybe not everything, but plenty!)

The Park Central is a more modern hotel, and it is more of a high-rise. It is a few blocks further north, closer to Central Park, and is just across the street from Carnegie Hall. The location and the upper-floor rooms are both probably quieter than the Michelangelo. The decor at the Michelangelo is more traditional, but the rooms are very large.

I have stayed at both, and would happily return to either one.

Great suggestions... Thanks so much!