While the Rangers have an abysmal record when it comes to first round draft picks, they have had some degree of success with later round picks. In fact, the Rangers could claim the best late round draft pick of all time.
Simply the best
The Rangers had nine picks in the 2000 Entry Draft. In the seventh round, they selected an unheralded Swedish goaltender named Henrik Lundqvist. They didn’t strike gold with Lundqvist, they struck platinum. Did they know what they were getting when they made the pick? Absolutely not. In fact, they wasted two top ten picks in the 2001 and 2004 drafts on goalies Dan Blackburn and Al Montoya.