Miss K, New School has an excellent reputation historically. Its underlying paradigm is very much based on 20th century (1st half) European philosophy, and sometimes Marxist, which makes it very unpopular with mainstream US academia. That's why its ranking is so low.
Having said that, soc_leah is also correct that the management of the school, esp financially speaking, has deteriorated quite a bit in recent years. Students pay very high tuition for very limited resources.
I think your saying that New School 'focuses on topics that align with my interest' is telling, because most US grad students won't be able to appreciate how seemingly abstract New School foci are actually pertinently relevant to our society while the seemingly practical/empirical foci adopted by other US schools are in many cases speaking only to themselves. What I want to say is, if you find New School interesting, you really need to be very selective in your grad study.
Can you elaborate more on what your interests cover?
I think you may check out CUNY (Graduate Center) Sociology dept as well. Not exactly like New School but sufficiently different from the mainstream as well. Check out their course list and see if those courses interest you. BTW, CUNY isn't exactly super-resourceful either, but the tuition is much lower.