Does this sound bad for a wedding reception?

I'm thinking about booking my reception at a townhouse in Manhattan, but several things concern me.

It is small - like I said, it's a townhouse. We would get the first and second floor of it for the duration of the party. Cocktail hour would be downstairs (but the downstairs would be open with a bar all night) and the dinner would be a buffet upstairs. Our tables would have to be split into two different rooms with the buffet in between. There would not be enough seating for everyone - manager says that's ok because since it's buffet not everyone is eating at once. There would be a few (maybe 3) large tables - 10/12 person and several 'cocktail tables' - 4-5 person tables. The dance floor is very small (in one of the rooms).

I like the space because it's very different and beautiful, but I'm concerned that it won't make for a fun or comfortable wedding. I have to make my decision tomorrow so I need some help from you - does this sound like a wedding disaster, or an elegant evening of mingling???

P.S. - I REALLY need your help because I have to make this decision on my own - FI hasn't seen the place and can't because of work. They won't hold the date any longer! Please be my advisors!