Zillow Buys New York Real Estate Website Provider

Real estate information provider Zillow has reached an agreement to acquire StreetEasy, a website that provides access to sales and rental listings in New York.

The transaction was completed for $50 million in cash and is expected to close in the next few weeks, pending satisfaction of customary closing conditions.

StreetEasy is an excellent strategic fit with Zillow, as we share a common goal: to help consumers become smarter about real estate by communicating comprehensive, unbiased information about apartments and homes, said Spencer Rascoff, CEO of Zillow.

Approximately 1.2 million users utilize StreetEasy every month. The website launched in 2006 and has 34 employees.

StreetEasy distributes comprehensive for sale and for rent listings through partnerships with many of the largest real estate brokerages in New York that helps consumers choose where to live.

In addition to listings, StreetEasy provides information about condominiums, co-ops, new developments and luxury properties. The website also contains a blog that offers New York renters and buyers tips and the latest housing news.

At StreetEasy, we pride ourselves on brining much-needed transparency to the New York City real estate marketplace, said Michael Smith, co-founder and CEO of StreetEasy, in a press release. Were very excited to be joining forces with Zillow as we continue our commitment to data integrity, innovation and collaboration with the local real estate community.

Article source: http://www.nationalmortgagenews.com/dailybriefing/Zillow-Buys-New-York-Real-Estate-Website-Provider-1038267-1.html

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