NJ is pretty big.. and where in NJ?
If ur within 45 min drive.. then just drive and no need to stay in the NY hotel, which will cost you.
You can take ferries to liberty island from NJ as well.
If you drive, there are a lot of motels/hotels (holiday Inn, Red Roof, Motel 6, etc) on Route 1/9, which is between Holland Tunnel and Lincoln Tunnel.. They are about 10 minutes INTO NYC, with decent traffic. It is $8 toll one way into NYC, but if you have more than 3 people in the car, you can go to the "pay cash" station and pay $1 toll fee. (I am not too sure if you need to sign up for this, but give it a try anyway), I know I can get $1 with 3+ people in the car, but thats because I am local with NJ EZ-Pass.
You can also check out the Hotels at Newport NJ as well, as PATH train is right beside the Mariott New Port, and it is $4 to get into the NYC major stations.
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