Sailing into Luxury: Florida Developer’s Vision for Condos on a Cruise Ship

Russell Galbut and his wife Ronalee, avid cruisers since their first voyage 47 years ago, are venturing into the cruise industry with a unique concept: luxury condominium-style residences on the sea. They have launched a new cruise line, Crescent Seas, which aims to redefine cruising by offering private residences aboard ships. Their first vessel is expected to set sail in late 2026, and the project is being entirely financed by the Galbut family.

With over 25 years of experience on the board of cruise line companies, including NCL Holdings, Galbut believes that the demand for luxury living at sea is on the rise. He envisions “magical communities in the sky” where residents can enjoy a range of amenities tailored similarly to high-end land-based properties.

Crescent Seas is backed by GFO Investments, Galbut’s family office, which is also a significant investor in his land-based venture, Crescent Heights. Galbut’s daughter, Marisa, plays an integral role in the new business as its president.

Despite a history of failed condo cruise projects, Galbut is optimistic about his venture. He attributes his confidence to his extensive real estate background, established connections with shipyards, and the contemporary changes that allow for a more flexible lifestyle. The advent of hybrid work and enhanced internet connectivity has enabled people to work remotely while traveling.

On board, residents can expect high-end services, community activities, and amenities akin to those found in luxury resorts, including spacious units ranging from 350 to 2,200 square feet. Unlike traditional cruise ships, residents will determine their itineraries, choosing longer stays at ports in locations such as French Polynesia and Madagascar.

Galbut’s family has deep roots in Miami Beach, where his grandparents once owned various businesses. He is well-known for his contributions to the hospitality industry in Miami, having developed several significant properties over the years.

The first two ships in the Crescent Seas fleet will be retrofitted from existing cruise ships, with the first, the Regent Seven Seas Navigator, set to undergo renovations in October. Recently, Galbut has begun selling units ranging between $750,000 to $8 million, with a second ship slated for launch in December 2027.

Crescent Seas aims to market its residences distinctly from timeshares or vacation rentals; owners will primarily reside on the ships, using them as secondary homes. Galbut positions this venture as a “lifestyle choice,” providing luxury and mobility on the open seas.

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