Please...
As a born and bred New Yorker, I've just got to comment on what's been written above.
Bunk.
the subway will be no problem after your Times Square party, and you can find cheaper hotels. Why don't you check, say, Travelocity, see what your best deals are, and they get back to us regarding those hotels and their locations?
(My wife, a singer, does a New Years Eve gig every year at the Harvard Club, right near Times Square. Guess what? No problem.)
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