Iati (20 points) was 6 of 14 from the field with all six makes coming from deep. Peter Hooley chipped in 11 points for Albany (8-2). Iati, Hooley, and Black accounted for 13 Albany free throws.
Tied at 11, Blake Metcalf's jumper sparked a 15-0 run by Albany. Iati's 3-pointer capped the run.
Colgate (3-7) outshot Albany 42 percent (25 of 60) to 41 percent (22 of 54) and outrebounded the Great Danes 39-34, but made just 9 of 14 free throw attempts.
Albany, which made 15 of 20 free throws, hit six over the final 51 seconds while holding Colgate to just two field goals.
Murphy Burnatowski was Colgate's lone player in double-figures with 13 points.
ESPN's Dan Dakich joins The Paul Finebaum Show to discuss the SEC's presence in the NBA Draft.
Ted Kapita was the top-rated recruit from West Virginia in the class of 2015 and recently played at DME Academy in Florida.
With the Suns drafting Tyler Ulis, they now have five guards on their roster who attended Kentucky.