Zillow Inc. (Nasdaq: Z) is buying StreetEasy, a real estate website that focuses on New York, for $50 million in cash.
StreetEasy, headquartered in New York, attracts about 1.2 million unique monthly users, who are primarily home shoppers in the New York area. The website provides for-sale and for-rent listings, as well as additional real estate data.
The deal expands Zillow’s presence in the New York real estate market and is expected to close in the next few weeks.
The Seattle-based buyer operates a group of real estate-related websites and mobile applications that are geared towards buying, selling, renting, financing and remodeling homes. The company’s units include Zillow, Zillow Mobile, Zillow Mortgage Marketplace, Zillow Rentals, Zillow Digs, Postlets, Diverse Solutions, Agentfolio, Mortech and HotPads. Zillow bought HotPads, a San Francisco-based real estate information website, in November.