Exhibit 23.1


We consent to the  reference  to our firm under the  caption  "Experts"  in Post
Effective Amendment No. 2 to the Registration Statement (Form S-8 No. 333-87993)
and related Re-Offer  Prospectus of Acadia Realty Trust and to the incorporation
by reference  therein of our report  dated March 12,  2004,  with respect to the
consolidated  financial  statements and schedule of Acadia Realty Trust included
in its Annual  Report (Form 10-K) for the year ended  December  31, 2003,  filed
with the Securities and Exchange Commission.

                                                   /s/ Ernst & Young LLP

March 18, 2004
New York, New York