Exhibit 23.1


            Consent of Independent Registered Public Accounting Firm

We  consent to the  reference  to our firm under the  caption  "Experts"  in the
Registration  Statement (Form S-3) and related Prospectus of Acadia Realty Trust
for  the  registration  of  250,000  shares  of  its  common  stock  and  to the
incorporation  by reference  therein of our reports  dated March 10, 2005,  with
respect to the consolidated  financial statements and schedules of Acadia Realty
Trust,  Acadia  Realty Trust  management's  assessment of the  effectiveness  of
internal  control over financial  reporting,  and the  effectiveness of internal
control over financial reporting of Acadia Realty Trust,  included in its Annual
Report  (Form  10-K)  for the year  ended  December  31,  2004,  filed  with the
Securities and Exchange Commission.


/s/ Ernst & Young, LLP

New York, New York
July 18, 2005