While there are deals available, I'd recommend a hotel called La Quinta Inn, 32nd st between Broadway and 5th Ave. It's 2 blocks away from the garden and usually among the cheapest hotels around; always recommend it to my friends. Of course is not a luxury hotel, but decent enough. Gets booked well in advance, so I'd recommend making reservations and if you find something better, you can always cancel it.
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Hope this helps