Manhattan’s commercial real estate market is reeling, offices are sitting partially empty and rising interest rates threaten to bring widespread defaults. But for a subset of wealthy investors, the allure of owning New York City property is particularly strong.

Ross’ firm, Related Cos., is moving ahead with its first office project in Miami, a roughly 1,000-foot (305-meter) tower that’s slated to be one of the tallest commercial buildings in the region. Related and its partner, Swire Properties, have begun demolition at the site.