This is a good deal in terms of price $1pp, but the annual dues is a whopping $0.25pp and that means if you buy it, you should use it for NYC primarily. I am not sure if you can get a W57 platinum for that price or not.
I have stayed at both and actually like them both
The Residences has a super busy lobby as it is a popular Hilton Hotel and has hotel restaurant type amenities.
W 57 is much more quiet and is only the HGVC members and no restaurant (some people rave about the owner lounge, but I found it not that big deal)
So, for me as a non-NYC location owner, I can use my las vegas points ($.12pp dues) and be happy at either one that is available
I guess if I had to choose, I would prefer W57 simply as it is a more private, more quiet, and exclusive experience away from hotel guest (and conventioneer) crowds