The 2-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.
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.