Police say they are searching for two women in the case. They released surveillance video footage late Wednesday of two well-dressed women leaving the Up and Down Club in Manhattan's meatpacking district early Dec. 19.
They say those women went to Williams' home in the trendy TriBeCa neighborhood. They left after 90 minutes.
Police say Williams later reported several pieces of jewelry missing. They included a $50,000 diamond Rolex watch, three diamond rings valued at $30,000 and three 24-karat gold chains worth $35,000.
Williams has declined to comment on the theft.
Williams was picked second in the 2011 draft and averages 7.3 points this season. The Knicks are the 24-year-old player's third NBA team.