Exhibit 23.3



                         Consent of Independent Auditors

We consent to the reference to our firm under the caption "Experts" in the
Registration Statement and related Prospectus of Acadia Realty Trust for the
registration of $75,000,000 of its common and preferred shares of beneficial
interest and to the incorporation by reference therein of our report dated
February 25, 2003, with respect to the consolidated financial statements and
schedule of Acadia Realty Trust included in its Annual Report on Form 10-K for
the year ended December 31, 2002, filed with the Securities and Exchange
Commission.




/s/ Ernst & Young LLP
New York, New York
April 22, 2003