I have noticed rates for this hotel are extremely cheap. What is the proximity of the hotel to Ground Zero and is that the reason for the reduced rates?

It has 'views' of ground zero. Unless you will be spending most of your time in the Financial District, I think you may want to look in other areas.

Across the street from Ground Zero, yes, that's why the rates are low.
Search the ny times (www.nytimes.com) for an article from january 26th detailing why people do and don't come specifically to that hotel (and the views they do or don't want), and how the staff is dealing with it...

Yup, that's the reason. It's one building south of ground zero which at this point has ambiance more in common with a construction site than with hallowed ground. Once you exit the hotel and look right, the street is blocked off and you can see nothing except for a few windows blown out of the Financial Center, tourists galore and the tops of large construction cranes.

Not a very happy place to stay.

Thanks for the help everyone. I normally stay at the Crowne Plaza UN for work, but with the economy the way it is, we've been pinching pennies.

Well, if it's any help to you, as of today the E subway line once again goes all the way into the World Trade Center subway station, which has been reopened.

Things are getting back to sort-of-"normal" around there, but the biggest annoyance right now are the tourists who constantly mill around looking essentially at nothing. Ground Zero is a big pit that you cannot see into unless you wait a few hours in the line for the viewing platform.

You may want to consider priceline.com. You can get a deal for about $100 (4* properties in various locations). Check the site Biddingfortravel.com for more info). I used it in Dec for some out-of-town visitors. We landed a roomy suite at the Avalon Hotel including continental breakfast for $100/night. Recently some people have landed the Un PLaza.

Absolutely, my vote goes to Priceline! I got the 4 star Millennium Broadway for $90 per night in March for four nights.

Topping for a person who has asked a similar question

I tried to read that article in the NY Times but they only show the first paragraph and then you have to buy the article. Too bad, it sounded interesting to read.