Ownership Submission
FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  Arciero-Craig Patricia
 2. Date of Event Requiring Statement (Month/Day/Year)
05/29/2007		 3. Issuer Name and Ticker or Trading Symbol
FIRST ALBANY COMPANIES INC [FACT]
(Last)
(First)
(Middle)
FIRST ALBANY COMPANIES INC., 677 BROADWAY		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
General Counsel
 5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

ALBANY, NY 12207		 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock 23,729 (1) (2)
D
 

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option   (3)   (4) Common Stock 15,505 $ (5) D  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Arciero-Craig Patricia
FIRST ALBANY COMPANIES INC.
677 BROADWAY
ALBANY, NY 12207		       General Counsel  

Signatures

Patricia Arciero-Craig 06/08/2007
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Includes 647 shares of phantom stock units acquired under First Albany Companies Inc. Deferred Compensation Plan for Professional & Other Highly Compensated Employees.
(2) Includes 12,397 shares of restricted stock granted under the Company's Long Term Incentive Plans, which are subject to certain vesting conditions through 02/15/09.
(3) The options are currently exercisable.
(4) 8,146 of the options reported herein expire on 04/15/2008; 3,859 of the options expire on 04/24/2012; and the remaining 3,500 options expire on 12/12/2012.
(5) The options are exercisable at prices between $5.7687 and $8.7449.

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