The association representing 25,000 tenants announced Wednesday that it will partner with Brookfield Asset Management to bid for the historic complex on Manhattan's east side.
If successful, the condominium conversion plan would allow tenants to purchase their apartments at a reasonable price.
Rent-stabilized residents who wished to keep renting could do so.
The sprawling Manhattan complex of 110 buildings and 11,000 apartments was built after World War II. The apartments were intended as affordable housing for returning veterans.
A condo conversion would come after years of financial wrangling that included near-bankruptcy.