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EdificeRex Merges Into New York Metro

NEW YORK CITY-The urge to merge strikes again. EdificeRex.com, Insignia Financial Group's Internet portal, has merged into New York Metro. This is the second "phase" of Insignia's internet strategy.

By Betsy Kraat | Updated on June 11, 2001

NEW YORK CITY-Insignia Financial Group has announced the completion of its merger of EdificeRex.com, an Internet portal that provides building-specific and user-specific functionality, news and information for New York apartment building residents, into New York Metro. Insignia is the largest shareholder in EdificeRex with an equity interest of approximately 50%. New York Metro is a joint venture between PRIMEDIA Inc. and MetroChannels, a network of Rainbow Media Holdings, Inc. As a result of the transaction, EdificeRex.com, Inc. has received an undisclosed minority equity interest in the New York Metro joint venture.

“When EdificeRex.com introduced the residential Internet portal nearly 18 months ago, we envisioned building a Web-based service that leveraged our expertise in real estate services that would be a value-added business when combined with a world-class multimedia company. New York Metro is such a company,” says Andrew L. Farkas, chairman and chief executive officer of Insignia Financial Group.

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