To tap into N.Y. real estate, Zillow buys rival site StreetEasy
The largest online real estate information site, Zillow Inc., said Monday it will purchase rival website StreetEasy for $50 million to gain an edge in the New York housing market.
The acquisition will allow Zillow to tap into StreetEasy’s 1.2 million monthly unique users, filling a hole where Zillow tried to compete.
Zillow’s chief executive said the purchase of the 7-year-old rival site is a strategic move.
“StreetEasy is an incredibly strong and recognized brand in New York City, and complements Zillow’s dominant and growing national brand,” Spencer Rascoff, Zillow’s CEO said in a statement. “We’re delighted to welcome the enormously talented and knowledgeable StreetEasy team on board.”
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StreetEasy, which launched in 2006, has 34 employees. It provides information on properties for sale and apartment listings with partnerships with the largest real estate brokerage firms in New York.
In a city with sky-high rents and a competitive housing market, StreetEasy is also a forum for would-be home buyers and renters.
Its site offers information on co-ops, new developments and tips and tricks for navigating the treacherous world of New York City real estate.
“Simply put, StreetEasy has cracked the code in New York,” Rascoff said. “They now have a local network effect where nearly every New York broker is active on StreetEasy because of the site’s large audience and comprehensive data.”
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