In its annual rankings, Forbes said the Knicks' value increased 11 percent from last year because of a $1 billion renovation of Madison Square Garden, completed in 2013, that has produced a series of new revenue streams.
The Knicks, who feature a starting lineup with three new players acquired in the Kristaps Porzingis trade, lost at home Tuesday night for a franchise-record 15th straight game. They began Wednesday with a 10-43 record.
Forbes says the Los Angeles Lakers remain in second place with a value of $3.7 billion, up 12 percent.
Rounding out the top five are the Golden State Warriors ($3.5 billion), Chicago Bulls ($2.9 billion) and Boston Celtics ($2.8 billion).
The average NBA team is worth $1.9 billion, up 13 percent from last year.
Pierce: Knicks 'Big 3' with Zion, KD and Kyrie not happening
Paul Pierce says the Knicks creating a "Big 3" with Zion Williamson, Kevin Durant and Kyrie Irving is "not gonna happen, people."