I'm going to New York in October too and am also looking for a reasonably priced hotel. Am currently in the process of bidding on Priceline. Check out the website biddingfortravel.com first. Good luck to both of us!

You might try these
www.hotelgrandunion.com
www.hotels.com
www.hotwire.com

Financial Center will be dead on weekends. You can go to fairly nearby areas that have more going on - Tribeca, Village, etc.

On the Ave gets generally good reviews for a 3* and is in a great neighborhood. Lively but not frantic, lots of good, inexpensive to moderate restaurants of all types - since this is a mid/upscale residential area. Two blocks from subway and similar to Central Park and Museum Nat'l History.

I would much prefer On the Ave - but check out tripadvisor.com for other opinions.

(And in Oct $200 will get you only the most basic of chain hotels - there will be bed and sheets - but don;t expect anything great.) For great anything you're looking at $400 and up, for great everything way up.

Try the Hotel Newton or the Hotel Lucerne.

I'd recommend On the Avenue. I live in the neighborhood.. and it's a great area. My sisters stayed at the hotel the last time they visited and they liked it. The rooms aren't huge but were nicely decorated. The financial center really dies down at night. I'd choose On the Avenue for sure.

If you're seeing 2 plays over 4 days, being all the way downtown in the financial district will be a real pain. I'd book On the Ave ASAP assuming a cancelable rate. Keep your eyes open for specials on travelzoo.com (there's a special at the Millenium Broadway but maybe not for your dates?) and consider bidding on Priceline for midtown west or east. You should be able to get something for less than $300/night plus tax.

Have you thought about the possibility of a B & B in NYC?

Or check out Craig's List.

We stayed a Hotel Beacon on 75th and Broadway in May for $240. It's right across the street from Fairway and close to Zabars and Feline's Basement.

Pros were the large room and little "kitchenette" area, with small fridge, microwave, and stovetop, and a nice subway stop nearby. There was also a safe in the closet.
Cons were the sometimes slow elevator and some noisy construction on the exterior the first day we were there. But we really loved the location and would stay there again.

Priceline

I've stayed at On the Ave 3 times and think it's a good option--reasonably stylish for a moderate place (although it's hard to stomach that over $300 is "moderate" for NYC these days). I love the UWS location, and it's a quick subway ride to Times Square from there particularly if you walk a few blocks and catch the express.

BTW, I didn't want to pay that much when I visit in Oct so I booked the Park South Hotel through Quikbook for $239/nt. You might check to see if that rate is still available there--it gets decent reviews on TA.

I just spent two nights at On the Ave last weekend. $219 a night. I've stayed at the Lucerne and the Excelsior in the past, but think OTA the best.

The location is great- lots of good places to eat in the neighborhood, and convenient to the subway.

As far as the Beacon is concerned - it;s booked solid most weekends in October - and the dates that are open are showing rates of $345 plus tax and up (May rates are NOT Oct rates).

Separately, IMHO On the Ave is more pleasant than the Beacon.

Glad to hear you liked it lcuy.