Exhibit 23.2



            Consent of Independent Registered Public Accounting Firm

We consent to the  incorporation  by  reference in the  Registration  Statements
(Form S-8 Nos.  33-95966 and 333-87993)  pertaining to the 1999 Share  Incentive
Plan of  Acadia  Realty  Trust;  in the  Registration  Statement  (Form  S-3 No.
33-31630) of Acadia Realty Trust;  in the  Registration  Statement (Form S-3 No.
333-104727) of Acadia Realty Trust; and in the Registration  Statement (Form S-8
No.  333-106758)  pertaining to the 2003 Employee Share Incentive Plan of Acadia
Realty  Trust,  of our  report  dated  November  30,  2006 with  respect  to the
consolidated  balance  sheet of  Acadia  Realty  Trust  and  subsidiaries  as of
December  31,  2004,  and  the  related   consolidated   statements  of  income,
shareholders'  equity,  and cash  flows for each of the two years in the  period
ended  December 31, 2004 included in this Current Report (Form 8-K) for the year
ended December 31, 2005.



                                            /s/ ERNST & YOUNG LLP

New York, New York
November 30, 2006