It has been shot from the building at the corner of 9th ave and 45th st, looking down 45th towards east:
(Google Earth)
I think you're right! Nice detective work

So basically its looking roughly in the direction of the times square area (which would be a couple of long blocks east from there, prolly right behind the buildings in the pic).
Was it shot from the NYT building? I know its right in that area somewhere. I think its taller though. (And I dont see the exterior lattice work on it).
Lol, the Milton Plaza is straight ahead (yellow sign in middle of the original picture), and the Sheraton sign is on the left. We should have read that originally, would have found the pic's location right away

Didnt even think to read the signs in the pic!