$15M cash - WWYD in Manhattan?

[Richard Y.]

Hypothetical: With $15M cash, what types of properties in Manhattan would you invest in if your criteria were primarily (1) enough cash flow to live on, and (2) low maintenance (not maintenance payments, but actual work needed to be done to maintain the said cash flow)?  Assume there will be no financing or leverage of any kind.

My initial thoughts would be to buy a few upscale 2BR condos in new or relatively new buildings, preferably with tax abatements or other incentives.  Any potential downsides to this strategy?