After falling behind early, NYU (1-1) held its biggest lead of the game, 16-11, on Jimmy Janeczek`s three-pointer with 12:13 left in the first half.
However, Nazareth (2-0) scored the next 11 points en route to a 39-31 halftime lead.
The Golden Flyers extended their lead to 14 points, 48-34, on Joe Canori`s three-pointer with 16:54 remaining in the contest.
The Violets erased the entire deficit and re-took the lead, 66-64, on Jason Boone`s two free throws with 4:09 remaining.
After falling behind again, NYU took its last lead, 70-69, on Michael DeCorso`s layup with 1:43 left.
Nazareth`s Brian Ameneiros then took over by hitting a three-pointer, grabbing a defensive rebound, and connecting on two free throws with 22 seconds left to put the game out of reach.
Jared Kildare finished with a team-high 19 points for NYU. Boone had a "double-double" with 16 points and 11 rebounds. He also had four blocks and three steals. DeCorso finished with 18 points, while Janeczek had 12.
Canori and Ryan Shipley each had 22 points for Nazareth, while Ameneiros finished with 15.
Jeff Gilkerson, who had nine points and eight rebounds for NYU, was selected to the All-Tournament Team, as was Kildare. Nazareth`s Canori, Washington & Lee`s Greg Bienemann, and SUNY-Paltz`s Maurice Douglas were also selected.
Shipley was named Most Valuable Player.