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Reed provided an emotional lift for the Knicks in their 113-99 victory, securing them their first NBA championship, with that 1969-70 campaign where he became the first player to sweep the MVP awards for the regular season, All-Star Game and NBA Finals.
"Willis Reed was the ultimate team player and consummate leader," NBA commissioner Adam Silver said in a statement. "My earliest and fondest memories of NBA basketball are of watching Willis, who embodied the winning spirit that defined the New York Knicks' championship teams in the early 1970s.
"He played the game with remarkable passion and determination, and his inspiring comeback in Game 7 of the 1970 NBA Finals remains one of the most iconic moments in all of sports.
"We send our deepest condolences to Willis' wife, Gale, his family and his many friends and fans."
A seven-time All-Star, Reed averaged 18.7 points and 12.9 rebounds in 650 career games that were all with New York. He was the first member of the Knicks to have his number retired.
"The Knicks organization is deeply saddened to announce the passing of our beloved Captain, Willis Reed," the Knicks said in a statement. "As we mourn, we will always strive to uphold the standards he left behind -- the unmatched leadership, sacrifice and work ethic that personified him as a champion among champions.
"His is a legacy that will live forever."