Central Park Studios is located at East 105th Street. The location is very convenient as it is very near the Line 6 subway station at 103rd Street. The neighborhood around the hostel is OK, there are a couple of Mexican and Chinese restaurants and shops I saw on the way there from the subway. It is also only 3 blocks away from Central Park.
The building where the hostel is located is a bit old, with four floors and no elevators, only stairs. The office is a bit difficult to find at first, since it is located at the side of the stairs, especially when arriving at night (which I did).
The staff is friendly and helpful. I only booked for a night, choosing a dorm-type accommodation, four to a room, for about $25 a night. My room is located at the third floor, and I find it cozy and clean. The main door is a bit tough to open though, as my key got stuck a couple of times. Showers and toilet are communal, and so is the kitchen. Lockers are also provided, but you have to use your own lock. There is also free wifi, and the common area has couches and TV.
Bottomline: it's not the best hostel I've been, but I would recommend it. I love the location, and the staff is friendly and helpful.
Useful info: address is 150 East 105th Street, near Lexington Avenue. Office hours are from 9.30am-12 midnight. Bookings can be made through hostelworld.com