David Lee led the Knicks with 22 points and nine rebounds, Zach Randolph had 19 points and 13 rebounds and Nate Robinson added 16 points. Stephon Marbury came off the bench to score 10 points in 23 minutes.
Trailing 57-53 at the half, Toronto got six points from Bosh in the third to take an 80-78 lead into the final quarter.
The Raptors led 103-99 with 4:05 remaining, but Lee capped a five-point spurt with a breakaway dunk to give the Knicks a 104-103 edge with 1:52 to go, forcing Toronto to call a timeout.
Jason Kapono restored Toronto's lead with a 3-pointer from the right wing, Will Solomon followed with a jumper and Kapono made two free throws to give the Raptors a 110-104 lead at the 53-second mark.
Toronto made five of its 10 3-pointers in the final quarter while the Knicks finished 8-for-34 from beyond the arc, missing their first 12 from long range.
The Knicks played without center Eddy Curry (bacterial infection), forward Danilo Gallinari (sore back), guard Allan Houston (right quadriceps), center Jerome James (left quadriceps) and forward Jared Jeffries (fractured left fibula).
Toronto was without forward Joey Graham (hamstring) and center Nathan Jawai (undisclosed cardiac problem).
