Astor Hotel or Puijiang - the cheapest accommodation in Shanghai

My travel agency reserved me a bed in the Astor Hotel ( locally known as Puijiang). I think this is the cheapest in the city - for seven nights I stayed there I payed a total of $50 (wow, right?).
The hotel is located across the Waibaidu Bridge north of the Bund and slightly to the east, just opposite the blue Russian Consulate Building.