Facebook

Twitter

iTunes

RSS

HEAR THIS HOUR'S UPDATE

« Samsung Mega Phone Coming to United States | Main | Apple's Next iPhone: Available in Gold? »
Monday
Aug192013

Zillow Buys Leading NYC Real Estate Website for $50 Million

Tim Boyle/Bloomberg via Getty Images (SEATTLE) -- Online real estate giant Zillow is expanding its coverage of the New York City market with its acquisition of listing website StreetEasy. The company bought the site for $50 million in cash.

StreetEasy launched in 2006, the same year as its new owner, and currently brings in nearly 1.2 million monthly visitors. Aside from New York, the site provides listings for areas like Washington, D.C., New York's Hamptons beach area and South Florida.

"Simply put, StreetEasy has cracked the code in New York," said Zillow CEO Spencer Rascoff. "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."

Both sites allow users to search for rentals, condos, co-ops and new developments using filters, with subway stations and commute time as criteria for New York City on StreetEasy.

Zillow also announced a secondary stock offering for another 2.5 million shares,  proceeds of which may be used for further expansion of the company, including additional acquisitions and investments.

Copyright 2013 ABC News Radio