Russell Galbut

Galbut is Miami Beach royalty. His grandparents, Abraham and Bessie Galbut, operated a 24-hour drugstore-restaurant at Fifth Street and Washington Avenue that was a magnet for those who mattered in Miami. Russell is better known these days as co-founder and managing principal of Crescent Heights, a Miami-based real estate development firm with high-profile condo and rental projects across major U.S. markets. 

Some of his projects include Five Park in Miami Beach — co-developed with David Martin’s Terra — and the Gale Miami Hotel and Residences. In 2025, Galbut also led his family office, GFO Investments, which has brought subsequent generations into real estate, too. His daughter, Marisa Galbut, is president of GFO Investments, and his nephews Keith Menin and Jared Galbut are also involved in real estate, leading Menin Hospitality. 

Galbut has been a prominent and sometimes controversial figure in South Florida, with critics who have deemed him deceitful and greedy. Yet, he isn’t one to temper his unbounding enthusiasm. “In animal terms, he is a pit bull who hasn’t eaten in a month, who will grab onto your leg,” Philip Levine, mayor of Miami Beach between 2013 to 2017, has said about him. “No matter what you do, he will not let go of your leg.” 

In March 2025, Galbut launched Crescent Seas, a cruise ship condo venture. A lifelong cruiser, he was previously chairman of Norwegian Cruise Line Holdings.