New York cut into the margin slightly, but Memphis still carried an 85-67 lead into the fourth after outscoring the Knicks 31-18 in the third.
The Knicks started a comeback to open the fourth, outscoring Memphis 12-3 to pull to 91-81 with 6:18 left on Felton's jumper in the lane.
New York appeared poised to make a comeback reminiscent of Thursday night's win at San Antonio, when the Knicks outscored the Spurs 27-11 in the final 7:14 for a 104-100 victory.
But New York never got closer than eight the rest of the way.
"The third quarter got away from us," Anthony said. "Techs, they made some shots. We missed some shots. They got the momentum, kind of slowed the game down. We made a run and cut it to eight, but they already had the momentum going, so we were just in an uphill battle from there."
Memphis will try to maintain its winning streak and hold onto the best record in Charlotte on Saturday night when the Grizzlies face the Bobcats in their first back-to-back of the season.
Meanwhile, the Knicks were already thinking about starting a new winning streak Sunday at home against the Indiana Pacers.
But while the talk was of moving on, several Knicks, still stinging from the loss to Memphis, were thinking ahead to the teams' next meeting.
"One thing we're saying," Wallace said of the Grizzlies, "they've got to come to the Garden."