It's a metaphor meaning that he walked down the street like he owned it -- indeed, his attitude was so strong that there was no one who would contradict his (body language) assertion that he (metaphorically) OWNED this street!
Originally Posted by frindle
He "took" it and now he "holds" it, and that adds up to "now he (figuratively) OWNS it."
Here is a little on the actual meaning of the phrase that is used figuratively in your passage:
The right of possession means that someone currently holds something in hand and this person may be its temporary keeper or long-term owner.
This term is most commonly used in regards to property and is a land-backed asset.
This legal tradition holds that whoever occupies property and uses it for its social function has the right to possess it.