Zillow is buying the New York City-focused online real estate company StreetEasy for $50 million to strengthen its foothold in on one of the country's most lucrative markets.
StreetEasy, founded in 2006, offers sales and rental listings through partnerships with New York real estate firms. It also provides information about condominiums, co-ops, new developments and luxury real estate.
"StreetEasy is an incredibly strong and recognized brand in New York City, and complements Zillow's dominant and growing national brand," Zillow CEO Spencer Rascoff said in a statement.
The buyout is expected to close in the next few weeks.
(Read more: Why Rising Mortgage Rates May Trap You: Zillow CEO)