The Great Danes (2-2) shot 48 percent from the field and hit nine 3-pointers. Evan Singletary and Ray Sanders each added 14 points for Albany.
Two free throws from Sanders along with Singletary's 3-pointer gave Albany an eight-point lead, but a late surge brought Colgate (1-4) back in it late. Ethan Jacobs and Damon Sherman-Newsome each hit 3-pointers as Albany's Dallas Ennema split a pair of free throws in between, making it 71-69 with 15 seconds left.
After Hooley hit both his free throws, Austin Tillotson made a layup with six seconds left. Ennema answered with two from the line to ice it.
Colgate had a 57.1 shooting percentage, but got out-rebounded 32-20. Sherman-Newsome led the Raiders with 21 points and Tillotson had 14.