Latest news with #RussellGalbut
Forbes
25-06-2025
- Business
- Forbes
Would You Buy A Luxury Residence To Live On A Cruise Ship For Life?
The passenger cruise ship Seven Seas Navigator arrives at the French Mediterranean port of ... More Marseille. In 2026, the Navigator will be refitted as a luxury residence, with 210 cabins and suites for sale. (Photo by Gerard Bottino/SOPA Images/LightRocket via Getty Images) What's your dream second home? Or, for that matter, primary residence? Crescent Seas is betting that for 210 people, their dream getaway place will be on a cruise ship sailing the seven seas. The cruise ship Seven Seas Navigator will depart the Regent Seven Seas Cruises fleet (a division of Norwegian Cruise Lines) in late 2026, to be refitted and modernized as a luxury 'condo at sea.' The Navigator, which currently accommodates 490 guests in 255 cabins, will be redesigned and remodeled with 210 high-end residences. The residences start with 98 371-square-foot efficiencies, selling for between $1.25 million and $1.5 million. The other units are all suites, with 12 different designs, priced by square footage. The largest unit will be approximately 2000 square feet with a 600 square foot balcony. The largest units will sell for between $5 million to $8.5 million, according to CEO Russell Galbut, or around $3400 per square foot. He says, 'True luxury is obtainable. It's like having 210 private yachts within a 550-foot ship.' Like condominiums or coops with a homeowners association fee (HOA) the residences on the updated Navigator will have a maintenance or cost of operations fee. Galbut says the fee will start at around $20,000 per month for smaller units. Owners can rent their suites for up to six months. An artist's rendering of the pickleball court and sauna deck on the upcoming residence at sea on ... More board the renovated luxury residence Navigator. 'We picked this ship because it had physical common space, lots of it, for restaurants, a work center, a conference center, a huge spa, a library, and storage for stuff like scuba diving gear and bicycles to explore destinations. 'Our customers are people who want to discover the world. The ship will stay three days in port, not just for an afternoon. We have laid out itineraries for the next couple of years. Our residents can take their families around the world and successfully home school their children anywhere in the world via satellite communication.' Galbut says the Navigator will be the first of three 'residential ships.' He did not disclose the purchase price, but it has been reported that Crescent Seas acquired Seven Seas Navigator as part of a $230 million deal with Norwegian Cruise Lines.. Crescent Seas recently bought a second ship, the Insignia, which it will acquire in 2027. The third ship, a custom-built vessel, is pegged for 2028. The idea of a residence at sea is not new. The World by Villa Vie Residences has been sailing for 25 years, You can buy a 'villa at sea' and live aboard, or get a short-term rental. An artist's conception of a residence on the upcoming Crescent Seas Navigator residential luxury ... More cruise ship. More recently, I wrote about the Ulyssia, a brand-new ship being built from the ground up as a residence. Galbut says 'Ulyssia is really wonderful, but they don't have a residence under $10 million. Ulyssia has units that are $100 million.' How many people can afford a multimillion dollar second or third home aboard a cruise ship? Perhaps more than you would think. As of 2022, there were 264,000 people in the world with assets of over $50 million, more than half of whom in the U.S. Having built over 300 residential buildings, Mr. Galbut understands this market well. Born and raised in Miami Beach, he says, 'I started building condominiums in Miami in 1975, building homes in the sky. Back then, it took four days to get plans approved—today it would take a year.' He founded Crescent Heights in 1989, with Crescent Seas a recent off-shoot. He says, 'We have a huge organization and a deep bench.' Galbut, 72, has both a law degree and is a certified accountant. He has spent most of his life as a real estate developer. Why switch to the cruise industry now, rather than retire and enjoy the good life? Galbut says, 'I want to spend my time making people happy. What drives me is quality hard work, which I enjoy. So, a new company and a new industry.' Artist's conception of the upcoming billiards room on the Navigator, which is becoming a luxury ... More residential cruise ship. The developer is continuing to work in real estate. I met him at an event promoting both Crescent Seas and Five Park, a new luxury condominium tower. Five Park is said to be the tallest tower in South Beach Miami and the first new one delivered in the last ten years. Co-developed by Russell Galbut and David Martin's Terra Group, Five Park shows off Galbut's penchant for public spaces, such as a co-working space and an on-site members-only social club, The Canopy Club, designed by Anda Andrei. Galbut says, 'We spend on architecture and design We even have our own art curator. The idea behind the designed spaces is to make people feel a part of a community.' Galbut has been involved in the cruise industry for many years, as both a customer and a board member of a major cruise line. 'My wife and I have been cruising for 47 years. We really enjoy it. I was a customer, than an investor. I made an investment in Oceania, which was later bought by Prestige. (Oceania is now a brand of NCL.) When NCL bought Prestige, they asked me to be on the board. For 23 years I was on the board of NCL and was Chairman of the Board for six years.' When the Navigator leaves NCL next year, Crescent Seas will wet lease the ship after it is renovated, with NCL providing the officers and crew, and updating the ship's electronic systems such as radar, navigation, etc. And as Galbut notes, 'Who gets better pricing for fuel than a big cruise line like NCL?' The Apollo Group, a leader in global cruise management and hospitality, will provide food and beverage service. The Canopy Club at Five Park, a new residence in Miami Beach co-developed by Russell Galbut, who is ... More also the principal of Crescent Seas, the operator of luxury residences at sea. In the cruise industry, most of the buzz is about the newest, biggest ships, such as Royal Caribbeans Icon of the Seas, launched in 2024 with a capacity of 7600 passengers and 2350 crew. But as Galbut puts it, 'I don't want to be on a ship with 10,000 people. I want to be on a ship like the Navigator.' Still, the Navigator, built on the hull of a Russian research vessel, originally entered service in 1999, making it one of the oldest in NCL's fleet. These ships have plenty of life left in them, says Galbut 'These ships have great bones. Their made out of many tons of steel. As long as they're maintained, they're fantastic. It's no different than converting an office building that's a hundred years old into a condominium.' But for now, it sounds like Galbut can't wait to get his hands on the Navigator. 'Right now the ship is being used by Regent Seven Seas. In October the last passenger gets off in Cairo. It sails to Genoa for 54 days in dry dock, where 300 people will be working for Crescent Seas, breaking down the ship. Then it sails for Miami in December for the premiere. The finishing crew and the regular crew will be on board. Every suite, every bathroom gets redone, new electric, wall paper, furniture. We expect to be over 50% sold by the end of 2025.' Artist's conception of the Compass Rose dining room aboard the Navigator, a luxury residence at sea ... More slated to sail starting in 2026.
Travel Weekly
31-05-2025
- Business
- Travel Weekly
Are residential cruises an opportunity for travel advisors?
A small but intriguing part of the cruise business may be set to grow after another residential cruise company has appeared, promising consumers they can buy a cabin and live year-round at sea. Founders of residential lines said they are optimistic about the success of this sector. They point to cruise lines sailing longer world cruises as a trend in their favor. Improvements in high-speed WiFi and consumers' flexibility in working from home are trends supporting this niche product. But some travel advisors said they are hesitant to sell space on residential cruise lines, noting a lack of trade inclusion in the lines' sales strategies and high-profile but troubled product launches. Several residential cruise lines have carved out a space in the industry. Perhaps the best known is The World, a luxury condominium ship that has been in operation for more than 20 years. The newest brand in the market is Crescent Seas, which was founded by former Norwegian Cruise Line Holdings chairman and real estate developer Russell Galbut. He plans for the line to begin sailing in December 2026 on the Seven Seas Navigator, which will be chartered from Regent Seven Seas Cruises and renamed the Crescent Seas Navigator. Crescent plans to expand the fleet a year later by chartering the Oceania Insignia from Oceania Cruises. Both ships will undergo $50 million refurbishments, and three more vessels could be announced over the next five years, Galbut said. Sales for residences on the Navigator, priced from $750,000 to $8 million opened in April. Condos on the Insignia are priced from $650,000 to $10 million, with sales opening this summer. Another line, Villa Vie, uses a former Fred. Olsen ship and offers the opportunity to buy or rent a cabin or buy a seasonal ownership membership. Other brands are in the works, including Storylines, which is building its own ships. Some launches have been messy and failed. In 2023, Life at Sea Cruises canceled its voyage two weeks before embarkation, saying the purchase of a cruise ship fell through shortly before its sail date, according to media reports. Owned cabins were even part of a model for a planned Crystal Cruises ship, but that version of the line ceased operations before the vessel could be built. Carlos Edery, CEO and co-founder of Luxury Cruise Connections based in Miami Beach, said he has noticed a growing interest from affluent clients in living at sea year-round. Nonetheless, he remains wary. "The recent struggles and delays seen with ventures ... have made us cautious about recommending such investments until we see consistent, successful operational execution," he said. In the case of Crescent Seas, travel advisors are built into the sales structure. They can earn a commission when selling a residence or when booking their clients on shorter-term voyages when residents taking a break from the ship opt to make their cabins available to rent. "There's a lot of logic why a travel agent would want to be involved with us," Galbut said, although he declined to share what the commission rate was. Real estate agents, yacht brokers and private bankers could also sell commissionable space on these ships, he said. Alex Sharpe, CEO of Signature Travel Network, said there is a lot to like about the Crescent Seas project, but he stopped short of saying he envisions selling it. "There are certainly earning opportunities, but at the same time, it is not what a typical travel advisor does, so it would likely be more specialized and, for us, will require more research and deliberation," he said. Dennis Nienkerk, a luxury advisor at Dallas-based Strong Travel Services who worked in commercial real estate for more than 25 years, said he knows people who owned condos on the World, and he would welcome the opportunity to sell units on the Navigator. Villa Vie founder and chairman Mikael Petterson said he was looking to better incorporate advisors in his product to sell world cruise segments on the ship. The Villa Vie Odyssey is 74% booked, which leaves room to sell segments to traditional cruisers, he said. Petterson, who was managing director of Life at Sea Cruises, isn't surprised that another residential cruise line has entered the market. If anything, he's surprised there are not more. "World cruises are getting longer and longer," he said. "The option of living onboard with high-speed WiFi, the flexibility of people working from home -- all these factors come together and make residential cruising that much more feasible." That doesn't mean it is easy. Petterson launched the Odyssey from Belfast, Ireland, in September following a four-month delay due to inspection issues associated with the ship, which sat in dry dock before returning to service. Now Petterson is looking for a second ship, and he said he hopes it will come with a smoother launch. Earlier this year, he said he was "knee-deep" in negotiations for a ship currently in operation that contains no more than 600 cabins.
Euronews
18-04-2025
- Business
- Euronews
Floating homes and Michelin meals: This new cruise promises a permanent holiday
ADVERTISEMENT If you've ever lamented that your holiday is over too soon, one cruise line has an enticing offer – if you have a few million euros to spare, that is. Newly launched Crescent Seas, founded by former Norwegian Cruise Line Holdings chairman Russell Galbut, is offering 'floating homes' on its forthcoming fleet of residential cruise ships. The first of these ships is due to set sail in 2026. But a permanent residence comes with an eye-watering price tag. The lowest price starts at €570,000. The highest? A jaw-dropping €8.8 million. This cruise travels the world and never ends The company's first ship, a refitted version of the Regent Seven Seas Navigator, will host 210 private residences and embark on a global voyage , starting in December 2026. Forever cruisers can expect four-day port stops in destinations like the Seychelles, Singapore, Iceland and Barcelona, with onshore excursions designed to immerse travellers in local cultures . Three ships have already been confirmed: Navigator, Insignia – a former Oceania Cruises vessel set to relaunch in 2027 – and a new one dubbed The Ocean, expected to be finished in 2032. Two additional ships are in the pipeline for 2028 and 2029. Onboard, Crescent Seas promises all the trappings of ultra-luxury living, from Michelin-inspired restaurants, wellness centres and Starlink-powered co-working spaces to cooking classes and '6-star' service by white-gloved butlers. Related Mayor of Nice vows to ban 'floating hotels': Will he be able to ban cruises by the summer? Why your Caribbean cruise could cost more: Mexico introduces a new tourist tax Residents are also required to purchase around €30,000 worth of annual food and beverage credits. 'As a developer, I know real estate has always been defined by location, location, location, as we say. With Crescent Seas, we've eliminated that limitation,' Galbut told The Telegraph. 'Now, your home isn't bound to a single address – it moves with you, taking you to the world's most breathtaking destinations.' From the seven seas to space, the ultra-rich look beyond Crescent Seas isn't the only venture offering the wealthy a radical rethinking of how – and where – we live. While some opt for floating mansions, others have looked to the stars. From Richard Branson's Virgin Galactic to Jeff Bezos' Blue Origin, billionaire executives have put space tourism on the map for the world's elite. Earlier this year, US-based company Space Perspective opened bookings for its space balloon experience. For around €120,000, travellers can ascend to the stratosphere in a capsule the size of a lounge room, complete with a bar and bathroom. Related From wine-soaked spa treatments to living like a rockstar: Europe's most unusual luxury hotels 'You're guaranteed not to see a soul': Is this forest hideaway Europe's best spa? Elon Musk's Space X , meanwhile, has set sight on Mars. Though a one-way ticket is not yet on sale, applications for future missions have already opened, and some ultra-wealthy pioneers are queuing up to trade beachfront views for an expanse of red dust. Back on Earth, entire islands in places like the Maldives are being sold to buyers seeking the ultimate seclusion – like a gated community surrounded by the ocean. ADVERTISEMENT 'Homes that move with you' Crescent Seas isn't the first floating home for the super-rich, either. The World, a condo-like residential ship, has been circumnavigating the globe since 2002. Then there's Ville Vie's Odyssey. Billed as the world's first perpetual cruise , the ship offers multi-year, residence-style packages starting at around €2 million. Crescent Seas is aiming for a balance of both – privacy and full-time ownership, with the bonus of global adventure. 'Imagine travelling the world without ever leaving the comfort of your own home,' said Marisa Galbut, president of Crescent Seas. ADVERTISEMENT For those with millions to spend, the dream of a home that moves with you, whether through the waves or the stratosphere, is no longer the stuff of fantasy, as the limits of luxury travel drift further from solid ground.
The Independent
16-04-2025
- Business
- The Independent
Go on a permanent holiday with cruise line's offer to make luxury ship your ‘home' – for up to $10m
A new cruise line will charge up to $10 million for passengers to spend their lives in a luxury suite at sea. Crescent Seas, a residential cruise line formed in March, was founded by Russell Galbut, former chairman of Norwegian Cruise Line Holdings. The luxury cruise company said its ships are designed for those who 'seek adventure and discovery' to 'explore the world without leaving the comforts of home'. Crescent Seas plans to sail a fleet of five residential ships, with three confirmed so far – Navigator, Insignia and The Ocean. Regent Seven Seas ship Navigator has been chartered for a $50 million refit next year, with Oceania Cruises' Insignia set to be ready in 2027. Purpose-built ship The Ocean is planned for 2032, with two other vessels proposed to join the fleet in 2028 and 2029. The 210 residences on Navigator will range from $750,000 to $8 million for world sailings starting next December from Port Miami. Sales opened for residences on the ship on 9 April during the annual Seatrade Cruise Global conference in Miami. Insignia' s 290 residences will be priced between $650,000 and $10 million. On board, residents will find Michelin-inspired dining, a state-of-the-art spa, a fitness centre and cooking classes. Mr Galbut told The Telegraph that residents are expected to buy $32,500 worth of food coupons a year 'to contribute to the operation of the food and beverage on board'. Co-working spaces with Starlink internet connection, onshore activities and evening entertainment are also available to luxury cruisers, alongside a '6-star service' provided by white glove butlers and the crew. The line says cruise itineraries will access destinations including Hawaii, Seychelles, Singapore, Iceland and Barcelona, as well as smaller ports, with port stays up to four days long to 'immerse in local culture'. Mr Galbut, founder and chairman of Crescent Seas, said: 'As a developer, I know real estate has always been defined by location, location, location, as we say. With Crescent Seas, we've eliminated that limitation. Residents will have a view corridor like never before. 'Now, your home isn't bound to a single address – it moves with you, taking you to the world's most breathtaking destinations.' The Apollo Group will oversee onboard logistics, Norwegian Cruise Line the technical management of ship operations and interior designs by MAWD, Lissoni & Partners and Journey design firm. Marisa Galbut, president of Crescent Seas, added: 'Imagine travelling the world without ever leaving the comfort of your own home. With our ownership model, families can share once-in-a-lifetime experiences seamlessly. Forget the hassle of planning vacations—embrace the freedom of remote work while exploring the world from your own residence at sea.'
Telegraph
14-04-2025
- Business
- Telegraph
This company is charging $10m to spend the rest of your life on a cruise ship
A new residential cruise line that is planning a fleet of five ships with suites costing up to $10million has had a 'tremendous response' with hundreds of enquiries, says the property developer behind it. Crescent Seas, which was only formed in March, has already lined up the Regent Seven Seas ship Navigator for next year and Insignia, from Oceania Cruises, in 2027. Two more vessels are being sought for 2028 and 2029, followed by a purpose-built ship, The Ocean, in 2032. Many companies have outlined ambitious plans for residential vessels over the years, but this initiative is different as it is headed by Russell Galbut, who sat on the board of Norwegian Cruise Line Holdings – the parent company of Norwegian Cruise Line, Regent and Oceania – for 23 years. He told The Telegraph: 'Everybody loves cruising. Everybody loves the sea. And you know what? The industry has exploded. 'When I started there were 100 ships, today there's almost 400 – people want to holiday and feel regenerated and that's one of the best ways to do it.' Crescent Seas is chartering Navigator, which will be given a $50million refit to provide 210 residences, ranging from $750,000 to $8million. It will start sailing continuous world cruises in December next year, offering butler service, gourmet dining and Starlink internet connection. The ship will be followed at the end of 2027 by Insignia, which will also be given a $50million overhaul to offer 290 residences priced between $650,000 and $10million. 'Everything will be upgraded,' said Mr Galbut. 'All the room furniture, every bathroom will be modernised. The ships are gorgeous today but we will make them brand new and modern. 'Using direct communication with satellites, people will be able to work from the ship. You'll be on board in Alaska and your customers will think you're in your office in Rome, New York or Tokyo. 'And yet you are there with your family discovering the world. If your child is studying geography, you can show them what's in the book. You're seeing it together.' Every cabin will be given some cooking facilities but suites will have full kitchens. Alternatively, there will be culinary centres where passengers can entertain up to 20 friends, or have cookery lessons from the onboard chefs. However they decide to dine, residents will be expected to buy $32,500 worth of food coupons a year, Mr Galbut said. 'The reason is that we need everybody to contribute to the operation of the food and beverage on board. You can buy wine with them, or whatever you want.' Details about The Ocean won't be decided until the company gets feedback from its first two ships, though Mr Galbut said he was already talking to yards about building it. The aim is to create a fleet of smaller vessels. 'The large cruise companies are building bigger and bigger ships, but no one living on a ship wants to have 5,000 people in their community,' Mr Galbut said. 'It's all about organising and orchestrating the right community of like-minded interests and desires.' Unlike normal cruise lines, Crescent Seas will stay in ports for two or three days at a time. 'When you go to Venice and you leave by 5pm, it's a crime that you haven't seen it at night. And the same with all the great cities of the world.' Navigator and Insignia will keep the same crew – and Mr Galbut is expecting to retain many of the regular passengers too. 'Customers are loyal,' he said. 'Some of them will want to be on this ship forever.' Mr Galbut is expecting an 'international crowd' on board, with an average age in the 50s. Many will come from the 80,000 people who have previously been on a world cruise, he thinks, alongside retired naval officers, yacht owners and private bankers 'saving millions' from the tax breaks of being at sea. An app will be used to set up social meetings and pickle ball matches, and help create a friendly atmosphere on board. 'When it's Christmas, there's going to be the children, the grandchildren, the uncles and the aunts on board,' said Mr Galbut. 'At other times you're going to have families touring the world and home-schooling their kids. Middle-aged people without children will be living a life of luxury and discovery. And then you're going to find the wealthy who are looking for that second or third home.' So far the only operating residential ships are The World, which launched in 2001, and Villa Vie Residences, which entered service last year but has faced teething problems. Having a fleet will give customers much more flexibility over where to travel, Mr Galbut said. 'If you're in the Baltic and you want to be in the Med, we'll find someone in the Med who wants to be in the Baltic and trade you!'
