The Knicks and Brooklyn Nets will co-host the weekend festivities that culminate with the All-Star Game on Feb. 15, 2015, in renovated Madison Square Garden.
The 3-point shooting and dunk contests along with other activities will be held at the home of the Nets in the Barclays Center in Brooklyn.
"New York City is the basketball capital of the world and the sport's biggest stage," New York mayor Michael Bloomberg said at a news conference. "We're lucky enough to have two world-class arenas, and the only thing better than having All-Star weekend at Madison Square Garden or the Barclays Center is having it at both of them."
A cold-weather city hasn't hosted the event since 2005 when it came to Denver. The last NBA All-Star Game played in New York was in 1998.
"New York offers an extraordinary opportunity to host NBA All-Star events at two world-class venues," NBA commissioner David Stern said. "We look forward to celebrating our game with basketball fans across the entire city, in all five boroughs."
The 2014 All-Star Game is scheduled for New Orleans in February. The Toronto Sun reported Tuesday that the 2016 All-Star weekend will be in Toronto to coincide with the Raptors' 20th anniversary as a franchise.