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New York’s Wealthiest Cut Losses as Manhattan Real Estate Falters

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When actor Brian Kerwin decided to sell his longtime Manhattan home—an 1880s Romanesque townhouse he and his late wife had carefully restored—he was hoping it would go for about $12 million, based on similar sales in the neighborhood. When he and his agent, Kim Mogul Wright of Douglas Elliman Real Estate, agreed on a price tag of $8.5 million, he thought there would be “five takers within a week,” said Mr. Kerwin, 69, who has appeared in movies such as “The Help” and “27 Dresses.”

So he was shocked when the Upper West Side listing got “absolutely zero interest.” Finally, after a year on the market and several price cuts, the redbrick house is now in contract for about $5.5 million.

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