Excluding mergers and portfolio deals, cross-border investment in the Big Apple has dropped off noticeably since the boom years, according to data from Real Capital Analytics.

Foreign buyers acquired just under $8 billion worth of commercial property in the five boroughs in 2017 and $9.5 billion last year, down from about $20.2 billion in 2015 and $15.8 billion in 2016.

“Ultimately, there’s really no way to get back to where investment was in 2015 and 2016 ...