Mergers and Acquisitions
real estate technology
Seeking a stronger foothold in the New York market, Zillow, the national real estate website, has agreed to acquire StreetEasy for $50 million in cash, the companies announced today.
“Simply put, StreetEasy has cracked the code in New York,” said Spencer Rascoff, chief executive of Zillow, in a statement. “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.”
Selling New York
CityRealty was found back in 1995, before Google and Facebook. Geocities and Yahoo—basically an online directory at the time—were both newly-launched companies. It even predated Ask Jeeves, which didn’t make its debut until 1996. CityRealty’s earliest incarnation—a sort of glorified real estate classifieds—was cutting edge in the way that anything online back then was cutting edge just by virtue of being online.
“The people who founded the company thought it would be a listings site to compete with the newspapers,” general manager Jim Schoenburg told The Observer. “As far as we know, we’re the oldest continuously operating real estate website.”
Look What The Web Dragged In
Hurricane Sandy has made at least one indelible mark on the New York real estate market. Streeteasy has added storm zones to their building pages, allowing buyers and renters to easily determine what zone a property is in.
The company decided to start posting the information in the wake of Hurricane Sandy. The move is consistent with the company’s interest in promoting transparency in real estate, manager Jared Kleinstein told The Observer.
StreetEasy, the go-to sales and listings database for the buyers, renters and the real estate obsessed has just made it easier to snoop on the buildings that you love and the apartments that you covet.
Also, you can now figure out if any of your neighbor are planning a massive renovation or if your co-op board is actually following through on repairs.
There have been so many high-profile sales in Manhattan in the first quarter of the year, at the same time unemployment falls and apartments are—goodness!—disappearing. How is it, then, that housing prices here are still not rising?
“The first quarter of the Manhattan housing market showed a modest uptick in Read More
From the glamorous to the quotidian, everything you need to know about New York City’s apartment market is contained on StreetEasy, except this: The city’s most powerful residential real estate site has begun a quest for new office space.
“We’ve got half a dozen places that are of real interest,” chief executive Michael Smith told Read More
The new seasonal benchmark for renting a Hamptons spread is apparently $295,000. According to data from StreetEasy, eight Hamptons homes are leasing for the summer at that magic number, and they’re the priciest out there rental-wise.
The largest of the eight is the 10,000-square-foot home at 672 Halsey Lane in Water Mill, with Read More
This is the final of three articles today on the Manhattan housing market since last autumn. Read about the apartment rental market and the condo sales market.
Median prices for new-development luxury condos in three of Manhattan’s glitziest neighborhoods dropped substantially during the third quarter, according to a new report from research outfit Read More