A developer of residential towers in New York, Miami and Los Angeles has embarked on a new venture, with plans to spend more than $1 billion converting cruise ships into luxury condos on the seas.
Earlier this year, Russell Galbut, managing principal of developer Crescent Heights, struck a $230 million deal with Norwegian Cruise Line Holdings Ltd. for a long-term lease on his first ship. Galbut said he intends to upgrade the vessel, known as the Seven Seas Navigator, and sell berths to customers who’d want to live on the ship for extended periods of time.
Crescent Seas, the new entity created for the effort, will offer 210 units on the Navigator at prices ranging from $750,000 to $8 million. Galbut aims to have the ship ready for its initial voyage in late 2026, and details his unique business plan with Carol Massar and Tim Stenovec on Bloomberg Businessweek Daily.
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