Zillow, operator of the largest U.S. real estate website, agreed to acquire StreetEasy for $50 million in cash to expand its coverage of the New York market.
StreetEasy has about 1.2 million monthly unique users, primarily residential real estate shoppers in the New York region, the companies said in a statement Monday. Zillow, which reported 61 million unique visitors at the end of July, separately announced a secondary stock offering.
The StreetEasy purchase “opens the door to potentially lead the New York City market,” said James Cakmak, an analyst at Telsey Advisory Group in New York. “But they’re paying $50 million for about 1 million users, and that’s a little expensive.”