Chrysler Building, built in Art Deco style and located in midtown Manhattan, opened in 1930

A spokeswoman for Prudential Financial Inc in Newark, New Jersey, said  on Wednesday that the insurer sold its 75 per cent stake in the Art Deco skyscraper to the Abu Dhabi Investment Council (Adic).

Adic is managed by the largest emirate in the oil-rich United Arab Emirates.

Theresa Miller, a Prudential spokeswoman, said the deal was closed on Tuesday.

Prudential has not disclosed the sale price.

But sources close to the deal told the AFP news agency that Adic paid $800 million for the building.

Tishman Speyer Properties, a privately held New York real-estate firm, owns the remaining 25 per cent stake and will still manage the building.

Manhattan highrise

The 77-storey midtown Manhattan landmark opened in 1930, and was briefly New York's tallest tower before the Empire State Building was completed a year later.

The building, which was designed by the architect William Van Alen, was erected between 1928 and 1930.

The Chrysler Building and its extensive office space was originally constructed for the Chrysler car company.

Adic has more than $800bn of assets under management and made a $7.5bn investment in Citigroup, one of America's biggest financial institutions, last November. It does not usually publicise its operations.

UAE media reports say the fund recently reformed itself into Adic, having previously operated as the Abu Dhabi Investment Authority.

Investment groups from the UAE have purchased and sold a number of high-profile New York buildings in recent years.

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