That sounds like the 1991 film Hangfire with Brad Davis and Ken Foree.
The plot synopsis is interestingly similar, especially the location, but the movie I saw was definitely first viewed in the 1970s. I didn't see anywhere that hangfire was a remake. The one I saw was one of those cheap movies that was always shown by the local channels on Saturday afternoons in NYC so in that respect it is very similar to Hangfire.