The Wall Street Journal 19 August 2013
Zillow, Inc., the largest U.S. real estate and home-related marketplace has agreed to acquire StreetEasy, the leading real estate website in New York City, for $50 million in cash. The transaction is subject to satisfaction of customary closing conditions and is expected to close in the next few weeks.
StreetEasy attracts nearly 1.2 million monthly unique users, primarily home shoppers in the New York region. This acquisition gives StreetEasy the resources to further invest in product development and grow its audience, while offering Zillow(R) clear market leadership in the country’s largest and most important real estate market.
“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 Zillow CEO Spencer Rascoff. “StreetEasy is an incredibly strong and recognized brand in New York City, and complements Zillow’s dominant and growing national brand. We’re delighted to welcome the enormously talented and knowledgeable StreetEasy team on board.”