Reynolds was optioned to Triple-A Las Vegas on Tuesday, Marc Carig of Newsday reports.
The 26-year-old was barely playing in the big leagues, and in his few instances of playing time, he only managed to produce a .204 batting average in New York. With top prospect Amed Rosario joining the big-league team, there's simply no room for Reynolds in the majors right now, so he'll likely act as organizational depth until rosters expand in September.