We took our daughter to NYC also for her high school graduation. We stayed at the Doubletree Suites (part of Hilton) in Times Square. A great place to stay! When we looked out the window, we could see all the neon lights (good curtains- room got dark at night)So convenient to everything.

Thanks for all the suggestions. I'm leaning toward the Blakely since their 1BR suite has a twin size daybed as opposed to pullout sofa. Am also going to inquire with the Doubletree Suites in Times Square...that sounds optimal. Appreciate the help.