CONSENT OF INDEPENDENT AUDITORS


We consent to the incoporation 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 25, 2000 with respect to the
consolidated financial statements and schedule of Acadia Realty Trust included
in this Annual Report (Form 10-K) for the year ended december 31, 1999.


                                        /s/ ERNST & YOUNG LLP


New York, New York
March 29, 2000