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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 Wyt34t3jQU77hFJ17DCbMNB00aY50nV+rlu0MTbMlxxCIuHmLNgdEDwgZGS9cynR
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<SEC-DOCUMENT>0000905148-07-006345.txt : 20071001
<SEC-HEADER>0000905148-07-006345.hdr.sgml : 20071001
<ACCEPTANCE-DATETIME>20071001135234
ACCESSION NUMBER:		0000905148-07-006345
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20070921
FILED AS OF DATE:		20071001
DATE AS OF CHANGE:		20071001

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:			PATTERSON MARK R
		CENTRAL INDEX KEY:			0001251957

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-14140
		FILM NUMBER:		071145187

	BUSINESS ADDRESS:	
		STREET 1:		520 MADISON AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		2126519500
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>efc7-2386_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2007-09-21</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001251957</rptOwnerCik>
            <rptOwnerName>PATTERSON MARK R</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1></rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity></rptOwnerCity>
            <rptOwnerState></rptOwnerState>
            <rptOwnerZipCode></rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock, par value $0.01 per share</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>37909383</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">MatlinPatterson FA Acquisition LLC is the direct owner of 37,909,383 shares of Common Stock of the Issuer.  MatlinPatterson
 Global Opportunities Partners II L.P. and MatlinPatterson Global Opportunities Partners (Cayman) II L.P. (together, the
 &quot;Funds&quot;) hold 100 percent of the membership interests in MatlinPatterson FA Acquisition LLC.  MatlinPatterson Global
 Partners II LLC (the &quot;General Partner&quot;) is the general partner of the Funds.  MatlinPatterson Global Advisers LLC (the
 &quot;Adviser&quot;) is the investment adviser to the Funds.  MatlinPatterson Asset Management LLC holds 100 percent of the voting
 interest and equity of the Adviser and of the General Partner.  The Reporting Person is a director of MatlinPatterson FA
 Acquisition LLC, an employee of the Adviser and a holder of 50 percent of the membership interests in MatlinPatterson LLC.</footnote>
        <footnote id="F2">The Reporting Person may be deemed to have shared voting and investment control (together with David J. Matlin) over the
 shares of the Issuer held by MatlinPatterson FA Acquisition LLC.  He also has an indirect pecuniary interest in such shares
 through his indirect interest in a limited partner which holds an investment interest and carried interest in the Funds.
 His exact pecuniary interest therein is not readily determinable because it is subject to several variables, including
 without limitation, the internal rates of return of the Funds overall and with respect to their indirect investment in the
 Issuer.  The Reporting Person disclaims beneficial ownership of any of the reported securities except to the extent of his
 pecuniary interest therein.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Mark R. Patterson</signatureName>
        <signatureDate>2007-10-01</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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