The impact of the overhang will depend whether you are sitting at the ends of Madison Square Garden, or along the sides of the arena.
At the ends of the Garden (sections 216-220, 201-207), there is no view obstruction in the 200 level created by overhanging structures. And as the 200 level seats are closer and lower to the floor than the 300 and 400 level end sections, the better option is to stay on the 200 level level.
But in the corners and along the sides of the 200 level at Madison Square Garden (sections 208-214, 221-227), the overhanging Chase Bridge seats will begin to narrow sight lines and block views of the Garden scoreboard starting at Row 15. The Chase Bridge seats make up the 300 level sections along the sides (310-316, 324-328) and while they are higher up from the floor level, these seats actually sit closer to the center of the arena with clear views to the action below. If you do not mind the additional height, these seats will provide better overall views than the 200 level side sections in rows 15 and higher.