yes it is and yes it does. You will have a wait unless you go well off hours. But imo that's because it's one of the best new places in the City -- and they only serve one burger and it is reoquefort all the way!
If you're a blue-cheese maven you might like what Island Burgers and Shakes on 9th Ave. (bet 50 and 51st) does with them. Many reccommend it, but I found my Black & Blue too intensely blackened and blue'd. Definitely butt-kicking.