An Abu Dhabi sovereign wealth fund has bought a controlling stake in the Chrysler Building, an icon of the Manhattan skyline, in the second acquisition of a trophy asset in New York by a Middle Eastern investor in little more than a month.

The Abu Dhabi Investment Council is taking a 90 per cent stake in the landmark Art Deco tower for $800m, according to a person familiar with the deal. The building briefly held the title of the world’s tallest building until being pipped by the Empire State Building in 1931.