Aldridge had gone 6-of-14 from the field before knocking down the clutch shot that gave the Trail Blazers a four-point lead. Carmelo Anthony then missed a shot for the Knicks and two free throws by Mo Williams with 15 seconds to go clinched the win for Portland.
The Trail Blazers had lost three out of four, but are now 1-1 on a four-game road trip that has stops remaining in Indiana and Minnesota. New York has dropped three straight and lost for the 30th time this season.
Nicolas Batum led Portland with 20 points and 10 rebounds. Wesley Matthews chipped in 18 points and Aldridge, who has averaged 24 points a game this season, settled for 15.
Anthony produced 26 points, hitting 11-of-27 shots from the field.