Beer Authority is a good place to check out in that neighborhood. Not the best "bar scene" (tons of commuters/tv's/etc and that's not my scene) but it's hard to beat the selection on tap as they have 90+ offerings.
On another note, by all means, don't spend the bulk of your time in NYC around Times Square. Hit the East Village, West Village, Chelsea, Brooklyn, and so on.
There are plenty of good bars with excellent craft selections all over the city.
Anything is better than visiting M&M World and spending $15 on a Budweiser pint at TGI Fridays.
Primary: Kettle Berliner Weisse
Drinking: Cut Day Pale Ale, Citra SMaSH, Crystal Ave IIPA, Chocolate Oatmeal Porter