EXCLUDING MERGERS AND PORTFOLIO DEALS, CROSS-BORDER investment in the Big Apple has dropped off noticeably since the boom years. With its big-ticket Manhattan acquisitions, Allianz may have emerged as the top foreign investor in New York’s commercial market since 2017. But Toronto-based Brookfield Asset Management is the other contender, depending on how you slice the numbers. Brookfield was by far the largest buyer of real estate in the Big Apple from July 2017 through June 2019 with $7.5 billion worth of deals involving more than 50 commercial properties. The catch: Those numbers include Brookfield’s $6.8 billion acquisition of Forest City Realty Trust, which propelled it to the city’s largest commercial landlord. Narrowing down the data to single-asset deals only, Allianz comes out on top. But Brookfield lands high on that ranking as well, taking the No. 2 spot.