New York bid farewell to "Linsanity" on Tuesday when point guard Jeremy Lin was allowed to leave for the Houston Rockets.
The Knicks had until midnight (0400 GMT) to match Houston's three-year $25.1 million (£16m) proposal for the restricted free agent, but decided the valuation was too steep for their resources.
The 23-year-old Lin exploded onto the NBA scene last season as an undrafted and overlooked Ivy League student, who briefly breathed new life into a stuttering Knicks side and made headlines around the globe for his livewire performances.
Lin's breakout campaign was cut short in March, however, when he suffered a season-ending knee injury and missed the playoffs after averaging 14.6 points and 6.1 assists in 35 regular season games.
The Los Angeles-born Asian-American had a brief spell with Houston last December, completing seven minutes of two pre-season games before he was cleared off the payroll and claimed by New York.
"Extremely excited and honored to be a Houston Rocket again!!" Lin said on Twitter shortly after the New York Knicks confirmed they wouldn't match Houston's three-year, $25 million offer for the 23-year-old player.
Lin's fate had been the subject of intense speculation since he became a restricted free agent this month.
The Knicks had vowed to match any offer Lin received, and they were widely expected to match a reported three-year, $19.5 million (£12m) offer from the Rockets.
However, Lin eventually signed the higher offer sheet from the Rockets, which includes a $14.9 million (£9.5m) scheduled payment for the third year.
That would cost the Knicks millions in luxury-tax penalties levied on excessive salaries.
Knicks star Carmelo Anthony called the offer "ridiculous," but said as recently as Monday that he hoped Lin would return to Madison Square Garden.
However, team-mate J.R. Smith said that if Lin, who has after all played only 64 games in his NBA career, was being paid such a high salary it could have led to tension in the Knicks locker room.
Over the weekend, the Knicks acquired Raymond Felton to join veteran Jason Kidd - recently obtained from Dallas - as two new point guards on the team's roster.
Lin played what proved to be his last game for the Knicks in their win over Detroit on March 24.
He suffered a torn meniscus in his left knee and opted to have surgery, missing the rest of the regular season.
Lin looked close to returning in the playoffs, but didn't make it back before the Knicks were eliminated by Miami in the first round.
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