Exhibit 23

                        Consent of Independent Auditors

We consent to the incorporation by reference in the Registration Statement (Form
S-8 No. 33-95966) pertaining to the 1999 Share Incentive Plan of Acadia Realty
Trust, in the Registration Statement (Form S-3 No. 33-85190) of Acadia Realty
Trust, and in the Registration Statement (Form S-3 No. 333-31630) of Acadia
Realty Trust, of our report dated February 22, 2002, with respect to the
consolidated financial statements and schedule of Acadia Realty Trust included
in this Annual Report on Form 10-K for the year ended December 31, 2001.


                                           /s/ ERNST & YOUNG LLP


New York, New York
March 26, 2002