The Real Deal New York

Zillow to pay $50M for StreetEasy

August 19, 2013 08:15AM

From left: Spencer Raskoff, a screenshot of StreetEasy and Michael Smith

From left: Spencer Rascoff, a screenshot of StreetEasy and Michael Smith

8:15 a.m., Aug. 19: Real estate information giant Zillow will pay $50 million to acquire New York City-based listings site StreetEasy, the company announced this morning. The all-cash transaction is expected to close in the coming weeks. The deal will give Zillow access to StreetEasy’s 1.2 million unique monthly visitors, primarily prospective homebuyers in the New York region, according to the statement.

“Simply put, StreetEasy has cracked the code in New York,” said Zillow CEO Spencer Rascoff in a statement, adding that “we share a common goal: to help consumers become smarter about real estate by communicating comprehensive, unbiased information about apartments and homes.”

StreetEasy co-founder Michael Smith, who kicked the site off in 2006, said he was “very excited to be joining forces with Zillow, the largest national brand in mobile and online real estate, as we continue our commitment to data integrity, innovation and collaboration with the local real estate community,” in the statement.

In May 2012, Zillow paid $40 million for San Francisco-based rental management company RentJuice, and in November of the same year, shelled out $16 million to acquire rival HotPads.– Hiten Samtani

11 Responses to “Zillow to pay $50M for StreetEasy”

  1. August 19, 2013 at 9:26 am, Jonathan Lerner said:

    Congrats to Michael, his team worked very hard over the years and they really deserve the payoff! I can’t think of a nicer bunch of people who deserve this!

  2. August 19, 2013 at 9:54 am, donationguru said:

    Worth more than 50M….

    • August 19, 2013 at 2:20 pm, paul said:

      Easily, Instagram was bought for $1,000,000,000. Perhaps StreetEasy knew their business model could only make so much, sell now and move onto the next venture

  3. August 19, 2013 at 10:00 am, nyluxurydigs said:

    can we say monoply

  4. August 19, 2013 at 11:22 am, jerky schmilkus said:

    Its over. Zillow is garbage.

    • August 19, 2013 at 11:36 am, Damn said:

      Zillow was always garbage.

  5. August 19, 2013 at 12:09 pm, Harji Singh said:

    Onto the next venture

  6. August 19, 2013 at 12:45 pm, "unigues" said:

    “unigues”

    Their “unigues” came from garbage traffic that they buy

    Let them show where the “unigues” are from

  7. August 19, 2013 at 4:40 pm, ZR said:

    50 million for StreetEasy? Seems low for a site that basically dominates NYC’s for-sale market. If Zillow is currently trading at 20x price/sales, this makes me think StreetEasy revenues were low, or their growth was stalled?

  8. August 19, 2013 at 8:22 pm, CaveJohnNYC said:

    I am not liking this…but hey…

  9. August 21, 2013 at 1:23 pm, geraldinef said:

    good info

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