MSG didnt even open until February of 1968. You should feel like an idiot.
The post-season National Invitation Tournament was founded in 1938 by the Metropolitan Basketball Writers Association, one year after the NAIA Tournament was created by basketball's inventor Dr. James Naismith, and one before the NCAA Tournament. The first NIT was won by the Temple University Owls over the Colorado Buffaloes.
Responsibility for the NIT's administration was transferred in 1940 to the Metropolitan Intercollegiate Basketball Committee, a body of local New York colleges: Fordham University, Manhattan College, New York University, St. John's University, and Wagner College. This became the Metropolitan Intercollegiate Basketball Association (MIBA) in 1948.
Originally the tournament invited a field of 6 teams, with all games played at Madison Square Garden in downtown Manhattan.