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There are not a lot of parks in Midtown Manhattan. Bryant park is located between Times Square and Grand Central Terminal along 42nd street. If you see the library on 5th Avenue, the park will be around the back. I think this park is underated simply by the fact that it usually isn't crowded. There are limited vendors in the park, but you should be able to find a deli or coffee shop nearby.
NYC2 - 2 Bryant park
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Bryant Park is one of the few areas of open space in midtown, go to the center of the park and look at the 360 degree view to get a good sampling of the Gotham City Architecture. To get to the next stop on the walking tour, head west on 42nd street to Times Square (opposite direction of the library).
These photos were taken 2002 - 2009.