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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 YGEBrkVdfowHnPUN+EwKaQ==

<SEC-DOCUMENT>0001202291-07-000062.txt : 20070220
<SEC-HEADER>0001202291-07-000062.hdr.sgml : 20070219
<ACCEPTANCE-DATETIME>20070220132843
ACCESSION NUMBER:		0001202291-07-000062
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20070215
FILED AS OF DATE:		20070220
DATE AS OF CHANGE:		20070220

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIRST ALBANY COMPANIES INC
		CENTRAL INDEX KEY:			0000782842
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		IRS NUMBER:				222655804
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		677 BROADWAY
		CITY:			ALBANY
		STATE:			NY
		ZIP:			12207-2990
		BUSINESS PHONE:		518-447-8673

	MAIL ADDRESS:	
		STREET 1:		677 BROADWAY
		CITY:			ALBANY
		STATE:			NY
		ZIP:			12207-2990

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			MCNAMEE GEORGE C
		CENTRAL INDEX KEY:			0001008001

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-14140
		FILM NUMBER:		07634763

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		518-447-8500

	MAIL ADDRESS:	
		STREET 1:		FIRST ALBANY COMPANIES INC.
		STREET 2:		677 BROADWAY
		CITY:			ALBANY
		STATE:			NY
		ZIP:			12207-2990
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2007-02-15</periodOfReport>

    <issuer>
        <issuerCik>0000782842</issuerCik>
        <issuerName>FIRST ALBANY COMPANIES INC</issuerName>
        <issuerTradingSymbol>FACT</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001008001</rptOwnerCik>
            <rptOwnerName>MCNAMEE GEORGE C</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O FIRST ALBANY COMPANIES INC.</rptOwnerStreet1>
            <rptOwnerStreet2>677 BROADWAY</rptOwnerStreet2>
            <rptOwnerCity>ALBANY</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>12207</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Chairman</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2007-02-15</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>13830</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>1.88</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1628090</value>
                    <footnoteId id="F2"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Shares of phantom stock units acquired under First Albany Companies Inc. Deferred Compensation Plan for Key Employees.</footnote>
        <footnote id="F2">Includes 19,722 shares of phantom stock units acquired under First Albany Companies Inc. Deferred Compensation Plan for Key Employees.</footnote>
    </footnotes>

    <remarks></remarks>

    <ownerSignature>
        <signatureName>By:  George C. McNamee</signatureName>
        <signatureDate>2007-02-20</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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