The New York was once part of the Asia Rama Circuit, a chain of 2nd-run theaters spread throughout Bangkok and its suburbs. Due to its large size and good amenities, however, the New York was often rented by some of the first-run chains to screen premiers.
In its later years, the New York switched to screening porn, a common fate for many of Bangkok's stand-alones after their mainstream clientele stopped coming. The theater limped on in this fashion for a number of years until a brutal murder cemented its name in the history books. A young woman was killed by her male date while watching a movie there.
The theater and surrounding shop houses had been derelict for years.
Here's my original review of the place from nearly five years ago.