(Updates with information on bidding process)

NEW YORK, Oct 5 (Reuters) - MetLife Inc., the top life insurer in the United States, said it received many bids for Stuyvesant Town and Peter Cooper Village, the largest apartment complex in Manhattan, as the first round of bidding ends on Thursday.

The two projects are expected to bring $4.5 billion to $5 billion for the insurance company, according to brokers.

MetLife <MET.N> spokesman John Calagna did not comment on the size of the bids, but said they would be reviewed by MetLife's broker, CB Richard Ellis Group Inc. <CBG.N>.

Calagna said the company expects to make a decision before the end of the year.

The MetLife spokesman said that the first round of bids would be reviewed beginning today and those making the cut would be asked to provide more information.

Calagna said a resident group at the projects was a qualified bidder and had said it would offer a bid.

MetLife had said in July that it was considering the sale of Stuyvesant and Peter Cooper, which comprise 110 apartment buildings on 80 acres in Manhattan's Lower East Side section. It is one of the largest residential properties ever offered for sale in the United States.

About two-thirds of the 11,232 units are covered under state rent regulation laws, which limit rental rates owners can charge. The buildings were designed more than 60 years ago and have low ceilings, a limited number of bathrooms per unit and few amenities such as pools, gyms or screening rooms.

The complex also has more than 110,000 square feet (10,219 square meters) of retail space and 22,000 underground parking spaces, a real estate source said.

MetLife has been selling New York property for more than a year. Last year the company said it had a gain of $1.2 billion from the sale of two Manhattan office buildings.

 
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