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.
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’d want to live on the ship for extended periods of time.
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.

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. 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. 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.

Carol Massar and Tim Stenovec bring you reporting from the magazine that helps global leaders stay ahead, plus insight on the people, companies and trends shaping today's complex economy.  Watch us LIVE on YouTube: http://bit.ly/3vTiACF.

Carol Massar and Tim Stenovec bring you reporting from the magazine that helps global leaders stay ahead, plus insight on the people, companies and trends shaping today's complex economy.&nbsp; Watch us LIVE on YouTube: <a href="http://bit.ly/3vTiACF">http://bit.ly/3vTiACF</a>.

Carol Massar and Tim Stenovec bring together the latest news from the world of business and finance and the interesting stories of global technology, politics, economics and more by harnessing the power of Bloomberg Businessweek reporters and editors.

Bloomberg Businessweek

Highrise Luxury on the High Seas

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/5c9e83d0-0e39-4469-8c0b-b36b0168dcad/transcript

Featuring some of our favorite conversations of the week from our daily radio show "Bloomberg Businessweek Daily."
Hosted by Carol Massar and Tim Stenovec

Hear the show live at 2PM ET on WBBR 1130 AM New York, Bloomberg 92.9 FM Boston, WDCH 99.1 FM in Washington D.C. Metro, Sirius/XM channel 121, on the Bloomberg Business App, Radio.com, the iHeartRadio app and at Bloomberg.com/audio.

You can also watch Bloomberg Businessweek on YouTube - just search for Bloomberg Global News.
Like us at Bloomberg Radio on Facebook and follow us on Twitter @carolmassar @timsteno and @BW

Featuring some of our favorite conversations of the week from our daily radio show "Bloomberg Businessweek Daily." Hosted by Carol Massar and Tim Stenovec Hear the show live at 2PM ET on WBBR 1130 AM New York, Bloomberg 92.9 FM Boston, WDCH 99.1 FM in Washington D.C. Metro, Sirius/XM channel 121, on the Bloomberg Business App, Radio.com, the iHeartRadio app and at Bloomberg.com/audio. You can also watch Bloomberg Businessweek on YouTube - just search for Bloomberg Global News. Like us at Bloomberg Radio on Facebook and follow us on Twitter @carolmassar @timsteno and @BW

Bloomberg Businessweek Weekend - December 19th, 2025

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/fb1f83ac-7137-4326-b7bc-b3b80100003c/transcript

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

The US Justice Department released files from investigations into notorious sex offender Jeffrey Epstein, the culmination of a push that has had repercussions for prominent business leaders and politicians, including President Donald Trump.

The disclosure came after Congress overwhelmingly passed legislation in November compelling the department to make the files public. Trump had long resisted the move but relented and signed the bill as pressure from Republican lawmakers forced his hand.

The law required the release of investigative records, flight logs, travel documents, immunity deals, internal department communications and papers related to Epstein’s 2019 death. But the measure also includes protections for survivors and allows exceptions for ongoing investigations.

The Justice Department organized a team of more than 200 attorneys to work on determining which materials were responsive to the new law, Deputy Attorney General Todd Blanche wrote in a letter Friday to lawmakers.

“This process resulted in over 1,200 names being identified as victims or their relatives,” Blanche wrote in a letter reported by Fox News. The department redacted references to their names and any materials that could result in their identification, Blanche said.

However, Blanche also told lawmakers that “the volume of materials to be reviewed” meant it wasn’t possible to meet the law’s requirement to release all files by Friday. The department plans to complete the release of all files during the next two weeks, Blanche said.

Today's show features:
Bloomberg News Senior Investigative Reporter Jason Leopold on the DOJ's Epstein files release
Bloomberg News Senior Editor, Equities Americas Eric Weiner recaps the trading week
Tye Brady, Chief Technologist at Amazon Robotics, on delivery preparations for customers during the holiday season using new robotic technology
Dan Ahrens Portfolio Manager of the AdvisorShares Pure US Cannabis ETF, on what the Trump Administration’s push to reschedule marijuana as a less-dangerous drug means for pot stocks

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.
The US Justice Department released files from investigations into notorious sex offender Jeffrey Epstein, the culmination of a push that has had repercussions for prominent business leaders and politicians, including President Donald Trump.
The disclosure came after Congress overwhelmingly passed legislation in November compelling the department to make the files public. Trump had long resisted the move but relented and signed the bill as pressure from Republican lawmakers forced his hand.
The law required the release of investigative records, flight logs, travel documents, immunity deals, internal department communications and papers related to Epstein&rsquo;s 2019 death. But the measure also includes protections for survivors and allows exceptions for ongoing investigations.
The Justice Department organized a team of more than 200 attorneys to work on determining which materials were responsive to the new law, Deputy Attorney General Todd Blanche wrote in a letter Friday to lawmakers.
&ldquo;This process resulted in over 1,200 names being identified as victims or their relatives,&rdquo; Blanche wrote in a letter reported by Fox News. The department redacted references to their names and any materials that could result in their identification, Blanche said.
However, Blanche also told lawmakers that &ldquo;the volume of materials to be reviewed&rdquo; meant it wasn&rsquo;t possible to meet the law&rsquo;s requirement to release all files by Friday. The department plans to complete the release of all files during the next two weeks, Blanche said.
Today's show features:
<ul>
<li>Bloomberg News Senior Investigative Reporter Jason Leopold on the DOJ's Epstein files release</li>
<li>Bloomberg News Senior Editor, Equities Americas Eric Weiner recaps the trading week</li>
<li>Tye Brady, Chief Technologist at Amazon Robotics, on delivery preparations for customers during the holiday season using new robotic technology</li>
<li>Dan Ahrens Portfolio Manager of the AdvisorShares Pure US Cannabis ETF, on what the Trump Administration&rsquo;s push to reschedule marijuana as a less-dangerous drug means for pot stocks</li>
</ul>

Justice Department Releases Large Tranche of Epstein Files

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/f008292c-3a62-4ee8-a0b6-b3b801754549/transcript

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.
Underlying US inflation rose in November at the slowest annual pace since early 2021, an unexpected improvement in a report muddled by the government shutdown.
The core consumer price index, which excludes the often-volatile food and energy categories, increased 2.6% in November from a year ago, according to Bureau of Labor Statistics data out Thursday. The overall CPI climbed 2.7% in November from a year ago.
The longest-ever government shutdown prevented the BLS from collecting much of the October price data. That not only limited the agency’s ability to determine month-over-month changes for the broader measures of inflation, but some economists noted it likely impacted the annual November figures as well.
Despite numerous caveats, the report offers some hope that inflationary pressures are easing after remaining stuck in a narrow range since early this year. The BLS said the core CPI rose just 0.2% over the two months ended in November, restrained by declines in costs of hotel stays, recreation and apparel. Prices of household furnishings and personal care products rose.
However, several economists noted that the two-month change in key shelter categories, which are some of the biggest components of the CPI, was basically flat — calling the calculations into question.
Today's show features:
Jason Granet, Chief Investment Officer of BNY, on the market outlook and the Federal Reserve’s path forward
Frank Sorrentino, Founder and CEO of ConnectOne Bank, on the economic outlook and the health of community banking sector
Bloomberg News Energy Reporter Will Wade on a planned $6 billion merger between Trump Media & Technology nuclear fusion developer TAE Technologies
Michelle Korsmo, CEO of the National Restaurant Association, on the struggles of restaurant workers and smaller eateries amid rising inflation

Watch Carol and Tim LIVE every day on YouTube: <a href="http://bit.ly/3vTiACF" data-destination="rte:bind">http://bit.ly/3vTiACF</a>. Underlying US inflation rose in November at the slowest annual pace since early 2021, an unexpected improvement in a report muddled by the government shutdown. The core consumer price index, which excludes the often-volatile food and energy categories, increased 2.6% in November from a year ago, according to Bureau of Labor Statistics data out Thursday. The overall CPI climbed 2.7% in November from a year ago. The longest-ever government shutdown prevented the BLS from collecting much of the October price data. That not only limited the agency&rsquo;s ability to determine month-over-month changes for the broader measures of inflation, but some economists noted it likely impacted the annual November figures as well. Despite numerous caveats, the report offers some hope that inflationary pressures are easing after remaining stuck in a narrow range since early this year. The BLS said the core CPI rose just 0.2% over the two months ended in November, restrained by declines in costs of hotel stays, recreation and apparel. Prices of household furnishings and personal care products rose. However, several economists noted that the two-month change in key shelter categories, which are some of the biggest components of the CPI, was basically flat &mdash; calling the calculations into question. Today's show features:
<ul>
<li>Jason Granet, Chief Investment Officer of BNY, on the market outlook and the Federal Reserve&rsquo;s path forward</li>
<li>Frank Sorrentino, Founder and CEO of ConnectOne Bank, on the economic outlook and the health of community banking sector</li>
<li>Bloomberg News Energy Reporter Will Wade on a planned $6 billion merger between Trump Media &amp; Technology nuclear fusion developer TAE Technologies</li>
<li>Michelle Korsmo, CEO of the National Restaurant Association, on the struggles of restaurant workers and smaller eateries amid rising inflation</li>
</ul>

US Core CPI Eases to Four-Year Low in Shutdown-Hit Report

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/ec1a019f-d1c0-427e-90f3-b3b701747630/transcript

Highrise Luxury on the High Seas

In 1 playlist(s)

Bloomberg Businessweek

Social links

Follow podcast

Recent clips