Ex-Norwegian Cruise Chair Readies $1 Billion for Condos at Sea

A developer of residential towers in New York, Miami and Los Angeles is embarking on a new venture, with plans to spend more than $1 billion converting cruise ships into luxury condos on the seas.

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.