Document:

Exhibit 10.5

FIFTH AMENDMENT TO

AMENDED & RESTATED PARTNERSHIP AGREEMENT

          THIS FIFTH AMENDMENT (the “Fifth
Amendment”), dated as of February 15, 2005, to the Amended and Restated
Partnership Agreement, dated as of March 22, 1999, as amended by the First
Amendment dated as of November 15, 1999, the Second Amendment dated as of
November 18, 1999, the Third Amendment dated as of May 1, 2003 and the Fourth
Amendment dated as of January 27, 2004 (collectively, the “Partnership
Agreement”), of ACADIA REALTY LIMITED PARTNERSHIP, a Delaware limited
partnership (the “Partnership”). Capitalized terms used herein but not defined
herein shall have the meanings given such terms in the Partnership Agreement.

BACKGROUND

          The
Partnership is a party to a certain Agreement of Contribution dated as of
February 15, 2005 (the “Contribution Agreement”) pursuant to which, among other
things, the Partnership has agreed to acquire the balance of the Retail
Services Business of Klaff Realty, LP and Klaff Realty, Limited not previously
acquired, in consideration for, among other things, Common Units in the
Partnership. Pursuant to Section 3.2(B) of the Partnership Agreement, the
General Partner of the Partnership has the power and authority to issue
additional Partnership Interests to Persons in exchange for additional Capital
Contributions.

          The
General Partner, pursuant to the exercise of such authority and in accordance
with Section 12(C) of the Partnership Agreement, has determined to execute this
Fifth Amendment to the Partnership Agreement to evidence the issuance of
additional Partnership Interests and the admission of the other signatory
hereto (the “Contributor”) as a Limited Partner of the Partnership.

          NOW,
THEREFORE, the parties hereto, for good and sufficient
consideration and intending to be legally bound, hereby amend the Partnership
Agreement as follows:

          1.
Annex “A” of the Partnership Agreement is hereby deemed amended and restated to
reflect the admission as a Limited Partner on the date hereof of the
Contributor whose authorized signature appears on the signature page hereto and
which shall have 250,000 Common Units. Annex “B” of the Partnership Agreement
is hereby deemed amended and restated to reflect the Capital Contributions made
by the Contributor.

          2.
The Common Units issued hereby shall have the rights, preferences, privileges
and designations set forth in the Partnership Agreement.

          3.
By execution of this Fifth Amendment to the Partnership Agreement, the
Contributor agrees to be bound by each and every term of the Partnership
Agreement as amended hereby from and after the date hereof.

          4.
This Fifth Amendment may be executed in counterparts, each of which shall
constitute an original, but all together shall constitute one and the same
document

          5.
Except as expressly set forth in this Fifth Amendment, the Partnership
Agreement is hereby ratified and confirmed in each and every respect.

          IN WITNESS WHEREOF, this Fifth Amendment to
the Partnership Agreement is executed and delivered as of the date first
written above.

	
 

	
 

	
 

	
 

	
 

	
ACADIA REALTY TRUST

	
 

	
 

	
 

	
By: 

	
/s/ Kenneth
 F. Bernstein

	
 

	
 

	

	
 

	
 

	
Name:  Kenneth F. Bernstein

	
 

	
 

	
Title:    President

	
 

	
 

	
 

	
 

	
ACADIA REALTY LIMITED PARTNERSHIP

	
 

	
 

	
 

	
By:

	
       Acadia
 Realty Trust, its General Partner

	
 

	
 

	
 

	
 

	
 

	
       By: 

	
/s/ Kenneth
 F. Bernstein

	
 

	
 

	
 

	

	
 

	
 

	
 

	
Name: Kenneth
 F. Bernstein

	
 

	
 

	
 

	
Title:   President

	
 

	
 

	
 

	
 

	
 

	
CONTRIBUTOR:

	
 

	
 

	
 

	
 

	
KLAFF
 REALTY, LP

	
 

	
 

	
 

	
By:

	
       Klaff Realty
 Limited, its general partner

	
 

	
 

	
 

	
 

	
 

	
       By: 

	
/s/ Hersch
 M. Klaff

	
 

	
 

	
 

	

	
 

	
 

	
 

	
Name: Hersch
 M. Klaff

	
 

	
 

	
 

	
Title:   President

ANNEX A

	
 

	
 

	
 

	
 

	
Name of
Partner 

	
 

	
OP Units 

	
 

	

	
 

	

	
 

	
 

	
 

	
 

	
 

	
Klaff
 Realty, LP

	
 

	
250,000Exhibit 10.6

SIXTH AMENDMENT TO

AMENDED & RESTATED PARTNERSHIP AGREEMENT

          THIS
SIXTH AMENDMENT (the “Sixth Amendment”), dated as of
August 8, 2005, to the Amended and Restated Partnership Agreement, dated as of
March 22, 1999, as amended by the First Amendment dated as of November 15,
1999, the Second Amendment dated as of November 18, 1999, the Third Amendment
dated as of May 1, 2003, the Fourth Amendment dated as of January 27, 2004 and
the Fifth Amendment dated as of February 15, 2005 (collectively, the
“Partnership Agreement”), of ACADIA REALTY LIMITED PARTNERSHIP, a Delaware
limited partnership (the “Partnership”). Capitalized terms used herein but not
defined herein shall have the meanings given such terms in the Partnership
Agreement. 

BACKGROUND

          AC
I Amboy Road LLC (“AC I”) was a member of ABR Amboy Road LLC (“ABR”) and
assigned on July 7, 2005 its interest in ABR to Acadia Amboy Road LLC, which is
wholly-owned by the Partnership. As partial consideration for the assignment,
AC I agreed to accept and the Partnership agreed to issue 11,105 Common Units
in the Partnership, which it instructed the Partnership to issue in the name of
Benjamin Ringel. Pursuant to Section 3.2(B) of the Partnership Agreement, the
General Partner of the Partnership has the power and authority to issue
additional Partnership Interests to Persons in exchange for additional Capital
Contributions. 

          The
General Partner, pursuant to the exercise of such authority and in accordance
with Section 12(C) of the Partnership Agreement, has determined to execute this
Sixth Amendment to the Partnership Agreement to evidence the issuance of
additional Partnership Interests and the admission of the other signatory
hereto (the “Contributor”) as a Limited Partner of the Partnership. 

          NOW,
THEREFORE, the parties hereto, for good and sufficient
consideration and intending to be legally bound, hereby amend the Partnership
Agreement as follows: 

          1.
Annex “A” of the Partnership Agreement is hereby deemed amended and restated to
reflect the admission as a Limited Partner on the date hereof of the
Contributor whose authorized signature appears on the signature page hereto and
which shall have 11,105 Common Units. Annex “B” of the Partnership Agreement is
hereby deemed amended and restated to reflect the Capital Contributions made by
the Contributor. 

          2.
The Common Units issued hereby shall have the rights, preferences, privileges
and designations set forth in the Partnership Agreement. 

          3.
By execution of this Sixth Amendment to the Partnership Agreement, the
Contributor agrees to be bound by each and every term of the Partnership
Agreement as amended hereby from and after the date hereof. 

          4.
This Sixth Amendment may be executed in counterparts, each of which shall
constitute an original, but all together shall constitute one and the same
document. 

          5.
Except as expressly set forth in this Sixth Amendment, the Partnership
Agreement is hereby ratified and confirmed in each and every respect. 

          IN
WITNESS WHEREOF, this Sixth Amendment to the
Partnership Agreement is executed and delivered as of the date first written
above. 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
ACADIA REALTY TRUST 

	
 

	
 

	
 

	
By: 

	
/s/ Kenneth
 F. Bernstein

	
 

	
 

	

	
 

	
 

	
 

	
Name: 

	
Kenneth F. Bernstein

	
 

	
 

	
 

	
Title:

	
President 

	
 

	
 

	
 

	
 

	
 

	
 

	
ACADIA REALTY LIMITED PARTNERSHIP 

	
 

	
 

	
 

	
By: 

	
Acadia
 Realty Trust, its General Partner 

	
 

	
 

	
 

	
 

	
 

	
By:

	
/s/ Kenneth
 F. Bernstein

	
 

	
 

	
 

	

	
 

	
 

	
 

	
Name: 

	
Kenneth F.
 Bernstein

	
 

	
 

	
 

	
Title:

	
President 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
CONTRIBUTOR: 

	
 

	
 

	
 

	
AC I AMBOY
 ROAD LLC 

	
 

	
 

	
 

	
 

	
By: 

	
/s/ Benjamin
 Ringel

	
 

	
 

	
 

	

	
 

	
 

	
 

	
Name:

	
Benjamin
 Ringel

	
 

	
 

	
 

	
Title:

	
Managing
 Member 

ANNEX A

	
 

	
 

	
Name of
Partner 

	
OP Units 

	

	

	
 

	
 

	
AC I Amboy
 Road LLC

	
11,105Exhibit 10.7

SEVENTH AMENDMENT TO

AMENDED & RESTATED PARTNERSHIP AGREEMENT

          THIS SEVENTH AMENDMENT (the “Seventh
Amendment”), dated as of December 12, 2006, to the Amended and Restated
Partnership Agreement, dated as of March 22, 1999, as amended by the First
Amendment dated as of November 15, 1999, the Second Amendment dated as of
November 18, 1999, the Third Amendment dated as of May 1, 2003, the Fourth
Amendment dated January 27, 2004, the Fifth Amendment dated as of February 15,
2005 and the Sixth Amendment dated as of August 8, 2005 (collectively, the
“Partnership Agreement”), of ACADIA REALTY LIMITED PARTNERSHIP, a Delaware
limited partnership (the “Partnership”). Capitalized terms used herein but not
defined herein shall have the meanings given such terms in the Partnership
Agreement.

BACKGROUND

          The
Partnership is a party to a certain agreement of contribution dated as of
January 27, 2004 (the “First Contribution Agreement”) pursuant to which the
Partnership issued to Klaff Realty, LP (“Klaff LP”) 4,000 Preferred Series B
limited partnership units in the Partnership (the “Preferred Units”).

          The
Partnership is also party to a certain agreement of contribution dated as of
February 15, 2005 (the “Second Contribution Agreement”) pursuant to which the
Partnership issued to Klaff LP 250,000 common units of limited partnership
interests in the Partnership (the “Common Units”).

          Klaff
LP has advised the Partnership that it wishes to transfer the Preferred Units
and the Common Units to its constituent partners, Klaff Realty, Limited and the
HMK Trust (“Permitted Transferees”) in the amount of 5% and 95%, respectively,
to which the Partnership is agreeable.

          The
General Partner, pursuant to the exercise of such authority and in accordance
with Section 12(C) of the Partnership Agreement, has determined to execute this
Seventh Amendment to the Partnership Agreement to evidence the transfer of
previously issued Partnership Interests and the admission of the other signatories
hereto (the “Contributors”) as Limited Partners of the Partnership.

          NOW, THEREFORE, the parties hereto, for
good and sufficient consideration and intending to be legally bound, hereby
amend the Partnership Agreement as follows:

          1.
Annex “A” of the Partnership Agreement is hereby deemed amended and restated to
reflect the admission as Limited Partners on the date hereof of the
Contributors whose authorized signatures appear on the signature page hereto
and which shall have 200 and 3,800 Preferred Units, respectively, and 12,500
and 237,500 Common Units, respectively. Annex “B” of the Partnership Agreement
is hereby deemed amended and restated to reflect the Capital Contributions made
by the Contributors.

          2.
The Preferred Units issued hereby shall have the rights, preferences,
privileges and designations set forth in the Certificate of Designation of
Series B Preferred Operating Partnership Units which are hereby incorporated
into the Partnership Agreement.

          3.
By execution of this Seventh Amendment to the Partnership Agreement, the
Contributors agree to be bound by each and every term of the Partnership
Agreement as amended hereby from and after the date hereof.

          4.
This Seventh Amendment may be executed in counterparts, each of which shall
constitute an original, but all together shall constitute one and the same
document.

          5.
Except as expressly set forth in this Seventh Amendment, the Partnership
Agreement is hereby ratified and confirmed in each and every respect.

          IN WITNESS WHEREOF, this Seventh Amendment
to the Partnership Agreement is executed and delivered as of the date first
written above.

	
 

	
 

	
 

	
 

	
ACADIA
 REALTY TRUST

	
 

	
 

	
 

	
By: 

	
/s/ Robert
 Masters

	
 

	
 

	

	
 

	
 

	
  Robert
 Masters, Senior Vice President

	
 

	
 

	
 

	
 

	
ACADIA
 REALTY LIMITED PARTNERSHIP

	
 

	
 

	
 

	
By: 

	
Acadia
 Realty Trust, its General Partner

	
 

	
 

	
 

	
 

	
By: 

	
/s/ Robert
 Masters

	
 

	
 

	

	
 

	
 

	
  Robert
 Masters, Senior Vice President

	
 

	
 

	
 

	
 

	
CONTRIBUTORS:

	
UNITS:

	
 

	
 

	
 

	
KLAFF
 REALTY, LIMITED

	
Preferred:
 200

	
 

	
 

	
Common: 12,500

	
By: 

	
/s/ Hersch
 M. Klaff

	
 

	
 

	

	
 

	
 

	
     Hersch
 M. Klaff, President

	
 

	
 

	
 

	
 

	
 

	
 

	
UNITS:

	
HMK TRUST

	
 

	
 

	
 

	
Preferred:
 3,800

	
By: 

	
/s/ Avril
 Klaff

	
Common:
 237,500

	
 

	

	
 

	
 

	
     Avril
 Klaff, Trustee

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