According to ESPN, the pick was purchased from the Lakers for a total of $3 million dollars—a relative bargain for a first round draft pick.
For the Los Angeles Lakers, this transaction will allow the reigning NBA champs to remain at status quo while at the same time reserving roster space for developmental projects such as the 6’9" point guard from China, Sun Yue.
As for the New York Knicks, this move will allows the team to acquire a solid NBA prospect without giving up any players or draft picks in return. I predict that the New York Knicks will consider utilizing this pick on 6’6" guard from Florida, Nick Calathes.
Calathes, who has signed with a European team since completing his collegiate career, will have the option of remaining overseas for a season or two, thereby allowing the Knicks more roster flexibility as well as a little more space in their salary cap.
Overall, this transaction looks to be a solid move for both teams involved in the deal.