New York · Palm Beach By introduction and appointment
TORATI & CO. Family Office · New York · Palm Beach
Private Family Office · Real Estate & Credit

Real Estate. Credit. Development.

Torati & Co. is a private family office that acquires distressed mortgage notes, REO, and quality real estate in New York and Florida, and develops and repositions property for the long term. We act as acquisition representative for an international institutional investment fund, alongside our own principal capital.

Heritage Amerevision, est. 2012, New York
Capital Principal & institutional
Markets New York City · South Florida · Treasure Coast
$875B U.S. commercial mortgages scheduled to mature in 2026 MBA, 2026
+21% U.S. foreclosure filings, H1 2026 vs. H1 2025, the highest first half since 2019 ATTOM, July 2026
2,007 Average days to complete a foreclosure in New York, vs. 563 nationally ATTOM, Q2 2026
$22.7B Net income migrating into Palm Beach County, 2019–2023, the most of any U.S. county IRS data via MIAMI Realtors
The Platform

Four strategies, one balance sheet, one team from acquisition to exit.

We invest across the capital structure and across the cycle: in defaulted credit when lenders need liquidity, in real estate when fundamentals are strong, and in development where we can create value that does not yet exist.

I.

Distressed Credit

Non-performing, sub-performing and re-performing mortgage notes, including loans in foreclosure, in bankruptcy or with contested title. Single loans and portfolios, first liens as a priority.

II.

REO & Special Situations

Bank-owned and servicer-held real estate, post-auction and receivership inventory, rent-regulated multifamily, condo terminations, and title-impaired or litigated assets.

III.

Direct Real Estate

Residential and commercial property bought in the open market, distressed or not, in the Palm Beach, Jupiter and Treasure Coast corridor and in New York City. Held for income and long-term appreciation.

IV.

Development

Ground-up construction, redevelopment and repositioning, from entitlement and design through construction management, lease-up and sale.

Geography NYC, all five boroughs; Florida's Atlantic coast, Miami-Dade to Martin County
Collateral Multifamily, mixed-use, retail, industrial, hospitality, land, residential
Structure Outright purchase, joint venture, participation or recapitalization
Market Intelligence · September 2026

The distressed credit cycle has returned. Selectively.

The 2020–2021 moratoria created an artificial low. Since then, foreclosure starts have tripled, loans written at 2022-era rates are defaulting, and a wall of commercial maturities is forcing lenders to sell rather than extend.

The foreclosure rebound

U.S. properties with foreclosure filings
493k
214k
151k
324k
367k
228k
20192020202120242025H1 2026
Source: ATTOM year-end and mid-year foreclosure reports. H1 2026 is a half-year total.

Days to foreclose

Average time to complete a foreclosure, Q2 2026
Louisiana
3,491
Hawaii
2,293
New York
2,007
Connecticut
1,626
U.S. average
563
Texas
155
Source: ATTOM, Q2 2026. Time is a lender's cost, and a patient buyer's opportunity.

Commercial stress at a thirteen-year high

CMBS metricAug 2024Aug 20252026
Overall delinquency5.44%7.29%7.85%
Office delinquencyn/a11.66%12.00%
Multifamily delinquency3.30%6.86%7.69%
Special servicing rate8.46%n/a11.42%
Source: Trepp. 2026 figures are August.

The maturity wall

2025$957B
2026$875B
2027$652B

Banks and thrifts hold $396B of the 2026 total. Lenders, in the MBA's words, are no longer simply extending terms.

Source: MBA Commercial Real Estate Survey of Loan Maturity Volumes.
+213% Increase in U.S. foreclosure starts from the 2021 low to 2025 (289,441 starts). ATTOM, Jan 2026
11.79% FHA mortgage delinquency rate, with serious delinquencies up more than 225 bps year over year. MBA National Delinquency Survey, Q2 2026
39.4% Share of all Fannie Mae and Freddie Mac non-performing loans sold that were in New York, New Jersey and Florida. FHFA Enterprise NPL Sales Report, 2024
Why New York

The slowest courts create the deepest discounts.

New York is a judicial foreclosure state, with mandatory settlement conferences and new statute-of-limitations risk under the Foreclosure Abuse Prevention Act. Many lenders would rather sell the note than spend five years working it out. We have spent more than a decade in those courtrooms.

+27% Year-over-year rise in NYC lis pendens (pre-foreclosure) filings in Q2 2026, to 1,831. Brooklyn lis pendens rose 44%. PropertyShark
7-year high Foreclosure filings in the Bronx in Q2 2026. Queens remains the borough with the most filings. PropertyShark
~$88k Price per unit paid for Pinnacle's 5,151 rent-stabilized apartments out of Chapter 11, a benchmark for post-2019 rent-law repricing. The Real Deal, 2026
25% Distress rate, by balance, of securitized pre-1974 NYC multifamily properties, which have a much higher share of rent-stabilized buildings. KBRA
Why Florida

America's leader in both wealth migration and foreclosure.

Florida is two markets at once. Record in-migration of capital supports long-term values, while insurance costs, condo reserve laws and 2022-era loans produce a steady supply of distressed paper and property.

$137B Net income moved into Florida through domestic migration, 2019–2023, against $36.8B for Texas. IRS via MIAMI Realtors
77,760 Millionaire tax filers in Florida (2022), overtaking both New York and Texas. IRS via MIAMI Realtors
#1 State foreclosure rate in H1 2026: 1 in every 373 housing units, with filings up about a third year over year. ATTOM, July 2026
~7 Months of condo supply in Palm Beach County, a buyer's market, against under 4 for single-family homes. Palm Beach County market reports, Aug 2026

Wall Street South

Elliott Management moved its headquarters to West Palm Beach in 2020, and Citadel moved to Miami in 2022. Goldman Sachs, Point72 and JPMorgan now lease space in West Palm Beach, where office utilization is among the highest in Florida, well above the national average.

The condo reset

Since Surfside, Florida's SB 4-D and SB 154 require milestone inspections and fully funded structural reserves. Well-capitalized buildings hold their value; underfunded older coastal buildings face special assessments, discounted sales and, increasingly, terminations and bulk buyouts.

Insurance, stabilizing

The 2022–2024 premium shock pushed stretched owners into arrears, and that shows up in today's foreclosure data. Since the tort reforms, 17 new insurers have entered the state and Citizens has approved its first rate cut since 2015, which supports values going forward.

Why Palm Beach

Where America's migrating wealth chose to settle.

Our principal relocated to the Palm Beaches in 2022 and has been acquiring property across the northern county and Treasure Coast ever since: distressed and conventional, residential and commercial. We invest where we live, and we know these streets.

Palm Beach County single-family median

Up about 83% since 2019
$354,900
$650,000
2019August 2026
Source: MIAMI Realtors / BeachesMLS.
#1 U.S. county for net income inflow: $22.74B, 2019–2023. Arriving households averaged about $178,000 in income.
+8% Population growth of our home city in northern Palm Beach County, 2020–2025, to about 63,900: the fastest-growing large city in the north county.
$835k Median sale price in our home city, all home types, last three months, up 15.1% year over year. Redfin
+12.8% Martin County single-family median, August 2026 year over year, to $656,900.

Alton & Avenir

Avenir, a 4,750-acre community, is building out to about 4,050 homes on the city's western edge, next to the completed Alton community and town center.

The PGA corridor

Carrier Global's headquarters, fully leased Class A towers and new office development are drawing corporate and financial tenants north from West Palm Beach.

Our focus

Northern Palm Beach County, Jupiter, Juno Beach, Tequesta, North Palm Beach, and Stuart and Jensen Beach in Martin County, from single homes to oceanfront portfolios.

Development

We build value, not only buy it.

Distressed acquisitions often become development projects: a stalled site, an obsolete building, a condominium ready for termination. Our principal has developed real estate since early in his career, and we carry projects from entitlement through stabilization.

Ground-up

Residential and mixed-use projects, from single-family homes to multifamily buildings.

Redevelopment

Oceanfront and Intracoastal sites, condo terminations and obsolete buildings brought back to their highest use.

Repositioning

Renovation, re-tenanting and operational turnaround of acquired REO and distressed assets.

Entitlement

Zoning, land use and approvals, working with architects, engineers and local counsel.

Crisis Management

Specialists in the NPL secondary market and in what comes after the default.

Before we were buyers, we spent more than a decade inside defaulted loans: in workouts, foreclosure courts, Chapter 11 proceedings and title disputes. That is why we can price complexity accurately, and why our bids hold.

01

Loan-level underwriting & forensic review

Collateral files, chain of title, assignments, payment histories and servicing records, reviewed before we bid.

02

Foreclosure, workout & bankruptcy resolution

Judicial foreclosure in New York and Florida, negotiated discounted payoffs and deeds in lieu, and Chapter 11 strategy.

03

Title, litigation & regulatory complexity

Quiet title, lis pendens, rent regulation, condo termination and guaranty matters, handled with experienced counsel.

04

Asset stabilization

Construction, leasing, property management and operations to restore value once an asset is under our control.

For Banks, Servicers & Asset Managers

A counterparty built for clean, confidential dispositions.

We work with banks, credit unions, special servicers, private lenders, funds, estates and intermediaries. Brokers are welcome.

Certainty

Committed capital and diligence done up front. We do not retrade.

Discretion

Confidential process, NDA on request, and no public marketing of your assets.

Speed

Decisions from principals, not committees, with timelines agreed at the outset.

Clean execution

Standard loan-sale documentation, orderly file transfer, and licensed third-party servicing.

1 Submit Share basic loan or asset data under NDA.
2 Indicative bid A written indication of price and terms.
3 Confirmatory diligence Collateral file, title and site review.
4 Close Signed agreement, assignment and wire.
Leadership

Hezi Torati

Founder & Managing Principal

Decades in real estate finance, development and distressed-debt resolution, on both sides of the Atlantic.

Early in his career, Hezi developed real estate projects financed through pooled groups of private investors, a structure he pioneered, and went on to create real estate finance products on both sides of the Atlantic. He founded Amerevision in 2012 as a foreclosure specialist and built its practice in loan workouts, restructuring, bankruptcy, forensic review and litigation support across all five boroughs of New York City.

Since relocating to the Palm Beaches in 2022, he has led the family's acquisition and development activity in Florida, from distressed notes and REO to oceanfront homes and commercial property, and acts as acquisition representative for an international institutional investment fund. He holds a bachelor's degree in finance and economics.

Capital partner International institutional fund, disclosed under NDA
Submit an Opportunity

A note, a portfolio, a property or a site?

A short summary is enough to begin. Every submission is treated in confidence.

(212) 949-4600 info@amerevision.com New York · Palm Beach