However, Sam Carrick cut it to 2-1 at 7:10, scoring from the left post off a rebound of Matt Rempe's shot, and Trocheck scored off a 2-on-1 with Lafreniere at 8:36 to tie it 2-2.
Makar's power-play goal off a wrist shot from inside the point gave the Avalanche a 3-2 lead at 14:36.
It was Colorado's first goal with the man-advantage in four games and second in 11. The Avalanche were 1-for-26 in their previous 10 games.
They had a second power play in the second period that didn't result in a goal or even a shot on goal, but the Avalanche were dangerous, whipping the puck around well, and Necas hit the crossbar at 10:09.
"We've got to keep building off it," Makar said. "Obviously, we have it. We're going to find it. It was fun. We were generating opportunities, and that's what you've got to do."
Colorado extended the lead to 4-2 at 16:01 of the second on Juuso Parssinen's one-timer from between the circles off a pass from Casey Mittelstadt.
But the Rangers came back again.
Borgen cut it to 4-3 at 18:05, poking a loose puck into the net off a rebound of Smith's shot.
Panarin tied it 4-4 from the left circle off a rebound of Trocheck's one-timer at 15:02 of the third.
They outshot the Avalanche 14-3 in the third and 27-9 over the final 40 minutes.
"Everyone showed up to play today," Smith said. "We controlled the game in waves. A couple errors ended up in the back of our net and made us play catch-up. I think we moved well as a group of five, forechecked well, created a lot of opportunities. On a different night, we win that game."
Instead, Colorado got a key penalty kill, Makar made a special play and Lehkonen won it.
"Good defensive conscience, good work in the offensive zone," Avalanche coach Jared Bednar said. "We created a bunch of chances. Power play was good, penalty kill was good. We did some dumb stuff and it cost us, so we've got to clean up a few things, but I thought we got good contributions throughout our lineup.
“To be able to stick with it and end it that way is nice."
NOTES: Avalanche forward Miles Wood (back) was activated from injured reserve before the game and played for the first time since Nov. 27. He played 10:10 after missing 27 games. … Makar has 18 goals, most among NHL defensemen. … Borgen signed a five-year, $20.5 million contract ($4.1 million average annual value) with the Rangers on Saturday. … Lafreniere (two goals, three assists) and Panarin (one goal, three assists) have four-game point streaks.