Highrise Luxury on the High Seas

Summary

Podcast Summary: Highrise Luxury on the High Seas

Podcast: Bloomberg Businessweek
Hosts: Carol Massar & Tim Stanweck
Guest: Russell Galba, Managing Principal & Co-founder of Crescent Seas
Date: October 6, 2025
Episode Theme: The rise of luxury residential cruise ships—turning cruise liners into high-end floating condos and creating a new way to live and travel.

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Overview

This episode explores an ambitious project led by Crescent Seas to convert cruise ships into luxury condos, offering a high-rise, high-seas lifestyle. Russell Galba, industry veteran and co-founder of Crescent Seas, joins Carol and Tim to discuss the vision, progress, logistics, and market appeal of this unique venture.

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Key Discussion Points & Insights

Project Progress and Vision

• Current Status:
  • The initial cruise ship conversion project is through the design phase, collaborating with top firms for public and private space design.
  • Shipyard negotiations are underway with completion targeted for December 2026.
  • Future plans include two more ships: Insignia (arriving December 2027) and a new build set for 2032.
  • Russell Galba (02:27):

    “We’re through the design phase ... and we will deliver on the product. That’s just the first of three ships that we have planned.”

The Luxury Living Concept

• Scale & Lifestyle:

  • Each ship offers around 189 residential units, with cabin combinations resulting in larger, apartment-style suites.
  • Residents enjoy private ownership of suites and access to communal amenities.
  • The experience is likened to a flotilla of private yachts, minus the burden of operating a vessel.
  • Russell Galba (05:06):

    “You have to think of it as 189 private yachts together on a 555-foot-long ship. ... You don’t have to worry about the captain, the first mate... it’s all done for you.”

• Amenities:

  • Six restaurants, spa, pools, observation decks, geographical center, library, and chef’s kitchen.
  • Onboard kitchens provided in suites, with higher-tier units offering larger spaces; full room service is also available.
  • Galba (06:08):

    “All residents have small kitchens, but ... the idea ... is not to cook for yourself, but to enjoy the company of the ship, to discover the world...”

Pricing and Fees

• Cost of Ownership:
  • Units range from $750,000 to $8 million.
  • Annual maintenance fees (potentially up to $210,000) are all-inclusive: crew, fuel, taxes, insurance, staff such as butlers, and onboard services.
  • Galba (07:27):

    “It’s inclusive of everything: fuel, all employees... your own butler. Think of it as an opportunity to be at sea and not even worry about the world’s problems.”

Who is the Market?

• Demographics:

  • Misconception that only retirees are interested; families are already purchasing, citing improved education technology (via Starlink and other satellites).
  • The ship offers secure, high-speed internet—enabling remote work and online education, even at the poles.
  • Galba (08:39):

    “You’re wrong when it comes to who’s actually buying because there’s families on board... You can be in your office in Tokyo or Berlin and no one would know you’re on a ship in Alaska.”

• Healthcare:

  • Each ship has a full-time doctor and two nurses, access to all passengers’ medical records, and emergency care capabilities (though not suited for major surgeries).
  • Galba (08:39):

    “There’s a full-time doctor and two nurses on board who will know all of your medical records. ... They’re there for emergencies, not for operations.”

Sales and Usage Model

• Current Sales:

  • Of the 189 units on the first ship, 39 have been spoken for; sales ongoing at crescentseas.com.
  • Tim Stanweck (10:19):

    “How many have already plunked a deposit down?”

  • Galba (10:23):

    “We have 39 spoken for and we’re looking at selling every single day.”

• Rental Opportunities:

  • Owners can rent out their unit (handled by Crescent Seas) to offset costs; theoretically, being aboard four to five months could cover annual maintenance through rental income.
  • Units can serve as moveable vacation homes—see Miami, New York, and LA in one year without changing homes.
  • Galba (10:54):

    “If you are only on the ship four or five months, your entire cost of maintenance is paid for by us renting it out for you. ... You can enjoy all three places in the same time by owning one vacation home, not three.”

Memorable Moments & Tone

• Lighthearted Host Banter:
  • The hosts joke about ship jargon (“yard”), who gets it, and who doesn’t.
  • Carol and Tim play with swapping name order throughout the conversation, keeping the tone friendly and lively.
  • Tim Stanweck (03:12):

    “Russ gets me.”

  • Carol Massar (03:13):

    “I don’t. That’s the story of my life.”

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Notable Quotes With Timestamps

• On the Vision:

  “It’s an exciting concept, a new industry ... Anything that you built in a shop is much easier than building one off.”
  — Russell Galba (03:31)

• On Amenities and Experience:

  “The idea really is to spend your time in things that are fun and luxurious and things that you want to do ... we do have a lot of amenities onboard.”
  — Russell Galba (06:08)

• On Market Demographics:

  “You’ll find that ... two families have bought that are taking their children with them on a year-round cruise because they want them to experience and learn, represent the world.”
  — Russell Galba (09:09)

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Timestamps for Major Segments

• 01:30–01:53: Introduction & project background
• 02:13–03:31: Project status and capacity; vision for future ships
• 05:06–06:08: Description of luxury suites, amenities, and resident experience
• 07:06–08:09: Pricing and annual fees explained
• 08:09–09:09: Discussion of demographic appeal; families and connectivity
• 09:52–10:23: Sales data and current demand
• 10:45–11:47: Rental program and flexible vacation home concept

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Conclusion

This episode provides a comprehensive look into Crescent Seas’ innovative luxury cruise condo venture, revealing both the practicalities and vision behind turning cruise ships into full-time, moveable residences. By blending ultra-high-end amenities with flexible, globe-trotting lifestyles, Crescent Seas aims to create a new real estate category for a broad demographic—well-heeled retirees, adventurous families, and the modern, mobile professional alike. The enthusiastic, personable exchange between hosts and guest keeps the complex topic engaging and approachable.

Transcript

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Audio Studios Podcasts Radio news.

[Carol Massar]

You're listening to Bloomberg businessweek with Carol Massar and Tim Stanweck on Bloomberg Radio. Back in March, our Bloomberg News team reported on an ambitious project. A developer of residential towers in New York, Miami and Los Angeles is planning to spend more than a billion dollars on converting cruise ships into luxury condos on the seas.

[Tim Stanweck]

I'll take a condo on the high seas.

[Carol Massar]

Okay, 750,000 to $8 million. The ships will travel the seas as people live on them. That developer joins us now. Russell Galba is managing principal and co founder of Crescent Seas. He's also founder of GFO Investments, also former chairperson of Norwegian Cruise Line. He joins us from Miami. Russell, welcome. How are you?

[Russell Galba]

I'm doing great, thank you. It's nice to be with you. Carol and Tim. Tim and Carol, nice to be with you.

[Carol Massar]

Just give us an update on where you are in the conversion of a first cruise ship to luxury condos. Where are you in the process?

[Russell Galba]

So thank you so much. So we're through the design phase with our partners Lesoni, who did the spa and pool areas, and March and White who did the interiors of some of the units on board. So so the design is all done and we're in the process of now talking to the yards in order to get all of this work done on a timely basis and to be ready for December of 26, which is only about 15 months away. So we're excited.

[Tim Stanweck]

All right. I spent a lot of time in a yard, and I know it can be time consuming.

[Carol Massar]

I thought you were gonna spend a lot of time. Wait, a lot of time where?

[Tim Stanweck]

In a yard, a shipyard, or, well, a boatyard?

[Carol Massar]

Is that what you're talking about?

[Russell Galba]

Yeah.

[Carol Massar]

I thought you meant, like, than a backyard. You got it.

[Tim Stanweck]

Now.

[Carol Massar]

The people who don't spend any time on the seas. Carol, you have to translate this stuff.

[Tim Stanweck]

Russ gets me.

[Carol Massar]

I don't. That's the story of my life.

[Tim Stanweck]

I'm a sailor. I've spent a lot of time in a yard doing work myself or waiting for somebody to do work. So that can be kind of tricky. Tell us about. Especially on a day where we were supposed to get a labor report, we didn't get it. Are the workers there, the tradespeople? Because we find that increasingly harder and harder to find.

[Russell Galba]

No, no, the tradespeople are available. And, you know, all of the yards today are busy, but there's a tremendous amount of talent. It's in from Italy, from Germany, from all of Europe, and that's predominantly where the ships are done. And maybe one day it comes back to America, but currently that's where it is. And we're excited because we have the talent. We have everybody on board, and we will deliver on the product. And by the way, that's just the first of three ships that we have planned. So the Insignia comes in December of 27, and our new build is coming in 32. So we're pretty excited about what we have lined up. And as you know, the Earth's surfaces are 71% water. So while millions of condominiums are sold on land, very seldom do you see any condominium sold at sea. So it's an exciting concept, a new industry, and something that's done very nicely because, you know, it's. Anything that you built in a shop is much easier than building one off. So it's easier and more common to develop a luxury cruise ship than it is a single individual condominium, which, you know, we have a lot of experience having built condominiums for over 50 years.

[Tim Stanweck]

Right. But as you said, sometimes building from the ground up is a lot easier than doing a retrofit. So talk to us about what? What, like, how do you change these? What are they going to be like? Are they. I have been on a big ship. I know what those rooms are like. But what Is it about somebody who buys a luxury residence on one of your ships? What does it look like?

[Russell Galba]

So I'll tell you, one of the things that we do is we combine cabins. So on the Navigator, for instance, there's only 189 suites and they're true residents. So it's something magnificent that gives you the space, you own all of the space inside your cabin and you share the common amenities outside of your cabin with your fellow 189 other unit owners. So you sort of have to think of it as 189 private yachts together on a 555 foot long ship. And the difference is, is that you don't have to worry about the captain, the first mate, the second mate or the third ma because it's all done for you. And you don't have to worry about shipping your 100 foot ship by 100 foot boat to Europe because this ship is big enough that it can go to Europe and travel the entire world. Go to the North Pole, South Pole and all of those types of places in between.

[Tim Stanweck]

I have to ask though, so you have a bedroom, I'm assuming? Yes, you do, you have a head, you have a salon. Do you also have a galley of your own that if you want to cook up something.

[Russell Galba]

Yeah, all residents have small kitchens, but the bigger units obviously have bigger kitchens. The idea of being on board the ship is not to cook for yourself, but to enjoy the company of the ship, to discover the world and not have. But listen, if you want to have a party, we also have a common chef's kitchen that you can use and you can have a chef from the ship as well, or you can do it all on your own, depending on whatever you want. But the idea really is to spend your time and things that are fun and luxurious and things that you want to do. So we have, we do have a lot of amenities on board. We have a huge library, a geographical center, observation decks, beautiful pools and spa. And so the concept really is to. We have six different restaurants, so why would you ever want to cook by yourself? But if you did, we could also have any type of room service that you want from any of the restaurants as well.

[Carol Massar]

I have a few questions regarding just the general idea of living on one of these. And one is the initial cost I mentioned is 750,000 to $8 million a year. But the annual maintenance fees talk a little bit about how much those would cost because in some cases, according to our reporting, could be $210,000 a year.

[Russell Galba]

Yes, it could be but when you look at that number, it's inclusive of everything, right? So it's inclusive of your big expenses like your fuel and, and all of the employees who are there on board. Everybody's going to have their own butler and so on. So when you think about it, it real estate taxes, your insurance and all of those other benefits. And I was just listening to the story of the chaos in the world and everything else that was on your station before Carol and Tim and Tim and Carol. And I'll tell you, just think about it. This is an opportunity to be at sea and not even worry about the world's problems. I mean you really have your own community and you're discovering the cultures and communities of everywhere else in the world.

[Carol Massar]

I like the way you think when you say Tim and Carol or Carolyn. Whatever, whatever, whatever you like. I love it. It is, it's great. He loves everybody. I want to know a little bit about the demographic here because I read about this and I look at it, it seems like it's for retirees. And one thing that we know as people do age is they do require health care. And I know that people think a lot about living in places that are close to, that is close to abundant and quality health care. How do you get that on the ship?

[Russell Galba]

Well, there's a full time doctor and two nurses on board who will know all of your medical records. Okay, so it's not for emergencies, but it is there and they're there for emergencies, not for operations or ongoing other types of things. But I would also tell you that I would say that you're wrong when it comes to who's actually buys because there's families on board that are buying today. Remember, the world today is quite different because today between satellites, between Starlink and our existing satellites, our existing satellites have gotten so much better that when you go to the north and the south you have absolute clarity. So when you go to one of the conference rooms on board, you can be in your office in Tokyo or in Berlin and no one would know that you're on a ship in Alaska. No one. Because that's how good the communications are. So you'll find that on board we have two families who have bought that are taking their children with them on a year round cruise because they want them to experience and learn, represent the world. And what's interesting is that because of COVID the availability of materials for third graders, second graders, first graders for all classes is so much more improved.

[Tim Stanweck]

Russell, one of the things I've got to ask because you're planning for a lot more ships. You mentioned one coming out next year and then another one in another bunch of years. Are people lining up already putting deposits down because it's not a business unless they buy it and stick with it?

[Russell Galba]

Absolutely. And we are open for business. All you have to do is just Google.

[Tim Stanweck]

Chris, how many, how many have already said.

[Podcast Host (Bloomberg Media Studios)]

Yep.

[Tim Stanweck]

Plunked a deposit down and said we're going to do this, signed a contract.

[Russell Galba]

We have 189 units. We have 39 spoken for and we're looking at selling every single day. And again, crescentseas.com you can pick your unit and you can see all the different ships that we have. And we'd love for you, for your listeners and for your, your to to Google and Crescent Seas.com and find their cabin.

[Tim Stanweck]

I do have one other question. Do those people treat it like a vacation house or something and that they're not on it for long periods of time or they're back and forth?

[Russell Galba]

And is that Carol, thank you for asking that question. That's one of the most important things that I didn't get to before and that is is that if, if you don't want, we will rent your unit for you when you're not there, just as any other. And by the way, if you, if you are only on the ship and you have the right to come and go as much as you want, if you're only on the ship four or five months, your entire cost of maintenance is paid for by us renting it out for you. So it's really a wonderful opportunity to enjoy seeing the world getting on and off whenever you want. Your vacation home. And guess what? So many people have their vacation homes in Miami. It's, you know, it's unbelievable. Or in New York or in Los Angeles. Well, guess what? This, this particular home can be in all three places in the same year. And you can enjoy all three places in the same time by owning one vacation home, not owning three vacation homes because we will travel the world.

[Tim Stanweck]

All right. We got to run. Russ, nice spending some time with you. Russell Galba. He is managing principal and co founder of Crescent Seas, also founder of GFO Investments, former chairperson of Norwegian Cruise Line.

[Russell Galba]

Joining us from Miami, Tim and Carol.

[Tim Stanweck]

Carol and Tim.

[Russell Galba]

Carol and Tim.

[Tim Stanweck]

Tim and Carol.

[Carol Massar]

Okay. I like it. I like it. Russell, come back soon. Appreciate you joining us.

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