Subway is faster if you don't have too much luggage. Is not so far depends of traffic. I stay in a Hostel in the upper West side of central park less than 2 blocks from subway and the Central Park I even walk to Time Square by the nights, hostel was cheap and clean you can look for this kind of option. Enjoy NY!
It's really depend on the day could be 25min to hour yeah there's hotel around but it will be expensive
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