Highrise Luxury on the High Seas

<p>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.<br />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&rsquo;d want to live on the ship for extended periods of time.<br />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.</p><p>See <a href="https://omnystudio.com/listener">omnystudio.com/listener</a> for privacy information.</p>