There's several within a few blocks. I stayed a week at the Roosevelt in September. It was fine, it's an older property that was remodeled a few years ago. Not ultradeluxe, but priced fair (NYC fair=$300/night IIRC) and perfectly comfortable. Got no bedbugs (they've been a problem in NYC). They made the bed, changed the towels, and didn't steal any of my stuff! I compare it favorably to other mid or low priced NYC hotels I've been at including the Hilton, Howard Johnson, Wellington, Milford Plaza.
It is a long walk to the typical tourist areas of Times Square and the theatres, but probably closer to many galleries. Do like the locals do - take a taxi.
There's several big name hotels right next to the terminal IIRC.
http://www.theroosevelthotel.com/