White-label brokerage Side is looking to recover over $4 million from the Alexander brothers and the brokerage Official Partners.
An amended complaint filed this week states that Side alleges Official Partners and its founders Tal and Oren Alexander have defaulted on a $4.6 million promissory note that Side granted in April.
Side claims that the current outstanding balance is $4.2 million, with accruing interest on the note. The requested balance includes additional damages for legal fees and a jury trial.
The lawsuit, filed in October, had previously redacted the dollar amounts related to the loan. The promissory note replaced a previous loan granted by Side in 2022, but the purpose of the loan remains unclear.
“We are extremely disappointed by Side’s actions towards its partner,” said James Cinque, counsel to Official Partners, in a statement to HousingWire. Side refrained from commenting due to ongoing litigation.
Tal and Oren Alexander were prominent real estate agents in New York City and Miami, representing high-net-worth clients at Douglas Elliman before establishing Official in 2022.
However, in March, two women filed sexual assault lawsuits against Oren Alexander and his twin brother Alon, with another lawsuit filed in July. Tal was later implicated in a separate case. According to Side’s complaint, over 30 women have accused the brothers of sexual assault or rape.
The Alexanders have denied these allegations.
Following the accusations, Tal and Oren Alexander took leaves of absence from Official, and Oren’s real estate licenses in New York and Florida are no longer active. Alon Alexander now works for the family security firm, Kent Security.
Aside from defaulting on loan payments, Side accuses the Alexanders of multiple defaults, including severing ties with their real estate licenses. Recently, Side sought a temporary restraining order against the Alexanders and Official for allegedly transferring the collateral securing the loan.
The latest filing does not specify the collateral in detail but mentions that it comprises cash, investment property, intellectual property, equipment, and documents, among other assets.
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