After several strong years, New York's investment sale activity dropped significantly across the board in the first quarter of 2017.

Sales are down 51% from this time last year in terms of dollar value, and a whopping 63% from 2015, according to Cushman & Wakefield. Sales were down in terms of volume and dollar value in nearly every area of the city, with only northern Manhattan holding steady in deal volume. Unlike many first quarters, during which numbers are buoyed by sales that failed to finalize the previous year, 2017's weak first quarter could be attributed to the wait-and-see approach that characterized the aftermath of Donald Trump's election as president, The Real Deal reports.

Related concerns, like an anticipated rise in interest rates and worries of multifamily oversupply, may have also contributed to the market's cooling. Still, after the past couple of years were so far above average, a slowdown could be interpreted as more of a regression to the mean than a grim omen.

At least one cause for optimism on the horizon is Chinese firm HNA's acquisition of 245 Park Ave., expected to close at over $2B in the coming months.