The Lyric Theater can also be seen in the photo.
Here's a view of the same marquee at night from a different angle
Inside the Empire Theater
In 1998, the theater was actually moved about 160 feet down 42nd Street and incorporated into a huge 25 screen complex called AMC Empire 25. Also of note, this huge entertainment and retail complex at 234 West 42nd Street also houses the historic facades of two other former grindhouse theaters, the Harris and Liberty theaters.
The building next to the Liberty Theater is ,Empire Theater, which looks to be boarded up and closed by this time