City environmental officials inspected the facility Tuesday afternoon. They determined that the dust that triggered two air quality detectors did not contain asbestos after all.
The finding came too late in the day to save Tuesday night's Knicks game against the Orlando Magic, which had already been postponed.
Mayor Michael Bloomberg said Wednesday that even though there was no health risk, the arena's operators deserve credit for putting fan safety first.
The Knicks are scheduled to play the Washington Wizards at the Garden on Friday.
Ticketholders are advised to retain their tickets, and check nyknicks.com for rescheduling information.