Side, a white-label brokerage, is seeking over $4 million from the Alexander brothers and the brokerage Official Partners.
An amended complaint filed this week alleges that Official Partners and its founders, Tal and Oren Alexander, defaulted on a $4.6 million promissory note extended by Side in April.
The current balance owed is $4.2 million, with interest continuing to accrue. Side is also seeking additional damages for legal fees and requesting a jury trial.
The lawsuit, filed in October, previously redacted the dollar amounts associated with the loan. The note replaced a previous loan from 2022, but the purpose of the funds remains unclear.
James Cinque, counsel to Official Partners, expressed disappointment in Side’s actions towards its partner. Side declined to comment due to ongoing litigation.
Tal and Oren Alexander, former real estate agents at Douglas Elliman, founded Official in 2022. However, they faced sexual assault allegations from multiple women, with more than 30 accusers mentioned in Side’s complaint.
Despite denying the allegations, Tal and Oren Alexander took leaves of absence from Official, and Oren’s real estate licenses are no longer active. Alon Alexander now works for Kent Security.
In addition to loan default, Side accuses the Alexanders of other defaults, including a breach of their real estate licenses. Side recently filed for a temporary restraining order against the Alexanders and Official for allegedly moving collateral related to the loan.
The collateral, which includes cash, investment property, intellectual property, equipment, and documents, is not detailed in the latest filing.
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