Larry Celona of the New York Post reports:

New York Knicks’ starting point guard Raymond Felton was being questioned by police Tuesday morning after allegedly pointing a gun at a woman, sources said. Sources said the woman was Felton’s girlfriend, though he made headlines last week when his wife Ariane Raymondo-Felton filed for divorce. He is being held in the in a Manhattan police precinct early Tuesday, according to law enforcement sources. It is not clear where the gun incident happened.

Chris Herring confirms and adds:

Felton hasn't been charged in connection with the alleged incident, but is currently at a Manhattan precinct being questioned by authorities — Chris Herring (@HerringWSJ) February 25, 2014

I hope there is a huge misunderstanding and Raymond Felton didn't point a gun at anybody. These are frightening allegations. I hope everyone involved is safe now.

Update (2:59 AM): Herring:

Knicks point guard Raymond Felton has been arrested on alleged gun charges, according to a law-enforcement source. — Chris Herring (@HerringWSJ) February 25, 2014

Felton was arrested on the Upper West Side for criminal possession of a weapon. Faces 2nd, 3rd and 4th degree charges, according to a source — Chris Herring (@HerringWSJ) February 25, 2014

Update (9:13 AM): From the Daily News, reports (including ESPN and the Times) have now backed off specifically suggesting Felton brandished the weapon as well as any mention of a "girlfriend":

The 29-year-old Felton is slated to appear in criminal court in Manhattan later Tuesday morning. The Knicks guard was cuffed when he turned himself in for questioning at the 20th precinct in Manhattan at about 12:50 a.m., just hours after the Knicks latest loss - this time to the Dallas Mavericks, 110-108, at the Garden. The eight-year NBA veteran in his second stint with the Knicks, scored eight points and had seven assists in Monday night's loss. Felton surrendered after a lawyer for his wife, Ariane Raymondo-Felton, 26, brought a Belgian pistol - an FNH 5.7x28-mm. - that belonged to the hoops star, sources said.

Update (9:57 AM): From The Wall Street Journal:

According to a law-enforcement official, the arrest stems from a semiautomatic handgun that allegedly belongs to Mr. Felton and was left at the apartment of his estranged wife, Ariane Felton. Ms. Felton and the attorney representing her in divorce proceedings took the gun, which had 17 bullets in the magazine and one in the chamber, to the 20th precinct station house in Manhattan Monday evening because she no longer wanted it in the home, the official said. Ms. Felton, 26, said that on four occasions, most recently Feb. 14, Mr. Felton waved the weapon around in an aggressive way but didn't point it at her, according to the official.

Update (11:28 AM): The legal explanation from Sports Illustrated is helpful, if you're interested.

Update (6:31 PM): Felton is out of court for the day, and this appears to be it for now. Adam Zagoria's Twitter feed has some more details.

Ray Felton has been issued a temporary order of protection for 6 months. Bail (25K) was posted. He can travel. Next court date is June 2. — Ian Begley (@IanBegley) February 25, 2014

Felton was charged with criminal possession of a weapon in the third degree and criminal possession of a firearm. Both are felonies in NY. — Chris Herring (@HerringWSJ) February 25, 2014

Ray Felton has been charged with 2 felonies (class D & E). 3rd degree criminal possession of a weapon and criminal possession of a firearm. — Ian Begley (@IanBegley) February 25, 2014

According to the statute under which he was charged, Felton could avoid jail time even if convicted of both felonies. — Scott Cacciola (@ScottCacciola) February 25, 2014

Maximum penalty on Felton's third-degree weapons possession charge is seven years. The minimum sentence is two years. — Chris Herring (@HerringWSJ) February 25, 2014

I don't really understand all this, but there you go. No word yet what this means basketball-wise. The league and team have yet to make moves.

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Please think hard before you comment. This is people, not basketball.