<SUBMISSION>
<ACCESSION-NUMBER>0001005477-07-004764
<TYPE>4
<PUBLIC-DOCUMENT-COUNT>1
<PERIOD>20070724
<FILING-DATE>20070831
<DATE-OF-FILING-DATE-CHANGE>20070831
<ISSUER>
<COMPANY-DATA>
<CONFORMED-NAME>ACADIA REALTY TRUST
<CIK>0000899629
<ASSIGNED-SIC>6798
<IRS-NUMBER>232715194
<STATE-OF-INCORPORATION>MD
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<BUSINESS-ADDRESS>
<STREET1>20 SOUNDVIEW MARKETPLACE
<STREET2>PO BOX 1679
<CITY>PORT WASHINGTON
<STATE>NY
<ZIP>11050
<PHONE>5167678830
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>600 THIRD AVE
<STREET2>PO BOX 1679
<CITY>KINGSTON
<STATE>PA
<ZIP>18704
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>MARK CENTERS TRUST
<DATE-CHANGED>19930329
</FORMER-COMPANY>
</ISSUER>
<REPORTING-OWNER>
<OWNER-DATA>
<CONFORMED-NAME>BRAUN JOEL L
<CIK>0001218906
</OWNER-DATA>
<FILING-VALUES>
<FORM-TYPE>4
<ACT>34
<FILE-NUMBER>001-12002
<FILM-NUMBER>071093745
</FILING-VALUES>
<BUSINESS-ADDRESS>
<PHONE>2123186500
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>PAUL HASTINGS
<STREET2>75 EAST 55TH STREET
<CITY>NEW YORK
<STATE>NY
<ZIP>10022
</MAIL-ADDRESS>
</REPORTING-OWNER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar123.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
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    <schemaVersion>X0202</schemaVersion>

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    <periodOfReport>2007-07-24</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

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        <issuerName>ACADIA REALTY TRUST</issuerName>
        <issuerTradingSymbol>AKR</issuerTradingSymbol>
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            <rptOwnerName>BRAUN JOEL L</rptOwnerName>
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        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O ACADIA REALTY TRUST</rptOwnerStreet1>
            <rptOwnerStreet2>1311 MAMARONECK AVENUE, SUITE 260</rptOwnerStreet2>
            <rptOwnerCity>WHITE PLAINS</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10605</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Sr. Vice President</officerTitle>
        </reportingOwnerRelationship>
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                <transactionShares>
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                <transactionAcquiredDisposedCode>
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                <transactionShares>
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                    <value>24.18</value>
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                <transactionShares>
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                <directOrIndirectOwnership>
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        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Shares of Beneficial Interest - $.001 Par Value</value>
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                <directOrIndirectOwnership>
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                <transactionShares>
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                    <value>24.23</value>
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                <sharesOwnedFollowingTransaction>
                    <value>173930</value>
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                <directOrIndirectOwnership>
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                <transactionShares>
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                    <value>D</value>
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                <directOrIndirectOwnership>
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                <transactionShares>
                    <value>700</value>
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                <transactionPricePerShare>
                    <value>24.27</value>
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                <transactionAcquiredDisposedCode>
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                <transactionShares>
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                <transactionPricePerShare>
                    <value>24.28</value>
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                <transactionAcquiredDisposedCode>
                    <value>D</value>
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    <footnotes>
        <footnote id="F1">These shares were transferred to Mr. Braun's spouse for estate planning purposes.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Joel Braun</signatureName>
        <signatureDate>2007-08-30</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SUBMISSION>
