The two-bedroom rental is on the 38th floor of the residences at the W New York Downtown Hotel and overlooks the Statue of Liberty.
The Wall Street Journal reports that Lin signed the contract Wednesday.
"It's a nice place to come home to with amazing views," he said in a statement.
The apartment was listed at $13,000 a month. Matthew Moinian, the son of W's developer, says Lin got a better deal, but he declined to disclose the price.
Lin was waiting to see if the Knicks would guarantee him a contract before he got his own apartment. In the meantime, he stayed with his brother and a teammate.
Lin is now signed with the Knicks through the season.
The Wall Street Journal reports that Lin looked at 20 apartments before settling on the 1,182-square-foot unit that had been listed for sale at $2.3 million and was bought by an investor who will continue the rental.
The apartment is fully furnished in a contemporary design, according to the newspaper.
According to the newspaper, Lin tried to eat in the bar and grill on the ground floor of the building but was swamped by fans. Moinian told the newspaper that he then arranged for Lin to have access to the restaurant's private dining room.
Information from The Associated Press was used in this report.