Zillow Acquires StreetEasy for $50 Million in cash

Gigaom

Real estate giant Zillow (s Z) made some big moves over the weekend. It acquired real estate search website StreetEasy for $50 million in cash, and applied for an additional 2.5 million shares of Class A Common Stock for “general corporate purposes,” including further acquisition of technologies.

StreetEasy has a strong reputation for its real estate offerings in New York City, letting renters and homeowners search listings by neighborhood and analyze prospective locations by distance to public transportation — key perks for anyone location-hunting in New York. While the features between StreetEasy and Zillow are strikingly similar, that neighborhood focus could help Zillow penetrate the tough metropolitan real estate game, where granular search and intimate knowledge of the city streets drive search queries.

“StreetEasy is an excellent strategic fit with Zillow, as we share a common goal: To help consumers become smarter about real estate by communicating comprehensive, unbiased information about…

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