No details were released.
The 6-foot 9-inch, 249-pound Lee averaged 11.3 points and 6.8 rebounds in 127 games at Florida, where he earned All-Southeastern Conference Second Team honors last season as a senior.
"I'm just going to hit the boards and go after every ball," Lee said after being drafted. "I'll bring athleticism and energy. I'm all about winning and all about the team, a hustling, blue collar, scrapping-type of player through and through."
Lee, who scouts said was a standout at a pre-draft camp at Chicago, is the first pick signed by the Knicks this year. He was the 30th overall selection.