FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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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(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

MCCANN GARY T 		2. Issuer Name and Ticker or Trading Symbol

ASTORIA FINANCIAL CORP [ AF ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                      _____ 10% Owner
__ X __ Officer (give title below)      _____ Other (specify below)
Executive Vice President
(Last)          (First)          (Middle)

ONE ASTORIA FEDERAL PLAZA 		3. Date of Earliest Transaction (MM/DD/YYYY)

5/8/2008
(Street)

LAKE SUCCESS, NY 11042
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock   5/8/2008     M    15843   A $15.0209   51582   D    
Common Stock                  33082.32   I   (1) ESOP  
Common Stock                  553.84   I   (2) 401(k)  
Common Stock                  9000   I   (3) RSA  
Common Stock                  19600   I   (4) RSA  
Common Stock                  29300   I   (5) RSA  

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Non-Statutory Stock Option   (6) $15.0209   5/8/2008     M        15843    1/10/2002   12/15/2008   Common Stock   15843   $0   0   D    
Non-Statutory Stock Option   (7) $9.9583                   1/10/2003   12/14/2009   Common Stock   31959     31959   D    
Incentive Stock Option   (7) $16.5625                   1/10/2004   12/19/2010   Common Stock   6036     6036   D    
Non-Statutory Stock Option   (7) $16.5625                   1/10/2004   12/19/2010   Common Stock   35964     35964   D    
Incentive Stock Option   (7) $16.8333                   1/10/2005   12/18/2011   Common Stock   5940     5940   D    
Non-Statutory Stock Option   (7) $16.8333                   1/10/2005   12/18/2011   Common Stock   30960     30960   D    
Incentive Stock Option   (7) $18                   1/10/2006   12/17/2012   Common Stock   5554.5     5554.5   D    
Non-Statutory Stock Option   (7) $18                   1/10/2006   12/17/2012   Common Stock   43945.5     43945.5   D    
Non-Statutory Stock Option   (8) $24.4                   12/22/2005   12/16/2013   Common Stock   4098     4098   D    
Non-Statutory Stock Option   (8) $24.4                   12/22/2005   12/16/2013   Common Stock   52152     52152   D    
Non-Statutory Stock Option   (8) $26.6267                   12/22/2005   12/14/2014   Common Stock   3754.5     3754.5   D    
Non-Statutory Stock Option   (8) $26.6267                   12/22/2005   12/14/2014   Common Stock   86245.5     86245.5   D    
Non-Statutory Stock Option   (9) $29.02                   1/9/2009   12/20/2012   Common Stock   84000     84000   D    

Explanation of Responses:
( 1)  Represents shares allocated to Mr. McCann's account under the Astoria Federal Savings and Loan Association Employee Stock Ownership Plan ("ESOP") as of December 31, 2007 and held in the ESOP Trust.
( 2)  Represents shares held in the Employer Stock Fund of the Astoria Incentive Savings Plan ("401(k) Plan") for the account of Mr. McCann as of March 26, 2008. Shares are held in the 401(k) Plan Trust.
( 3)  Represents award of restricted stock pursuant to the 2005 Stock Incentive Plan for Officers and Employees of Astoria Financial Corporation, or the 2005 Plan. The restricted stock will vest and be distributed effective January 9, 2009 or earlier upon the death, disability or retirement at normal retirement age, on a change of control, or, in the case of the executive officers, pursuant to the terms of their respective employment agreements with the Company, upon the termination of their employment by the Company prior to the end of the term of such employment agreement without cause, as defined therein.
( 4)  Represents award of restricted stock pursuant to the 2005 Stock Incentive Plan for Officers and Employees of Astoria Financial Corporation, or the 2005 Plan. The restricted stock will vest and be distributed effective January 9, 2012 or earlier upon the death, disability or retirement at normal retirement age, on a change of control, or, in the case of the executive officers, pursuant to the terms of their respective employment agreements with the Company, upon the termination of their employment by the Company prior to the end of the term of such employment agreement without cause, as defined therein.
( 5)  Represents award of restricted stock pursuant to the 2005 Stock Incentive Plan for Officers and Employees of Astoria Financial Corporation, or the 2005 Plan. The restricted stock will vest and be distributed effective January 28, 2013 or earlier upon the death, disability, on a Change in Control (as defined in the 2005 Plan), or, in the case of executive officers, pursuant to the terms of their respective employment agreements with the Company, upon the termination of employment by the Company prior to the end of the term of such employment agreement without cause, as defined therein.
( 6)  Options were granted pursuant to the 1996 Stock Option Plan for Officers and Employees of Astoria Financial Corporation, or the 1996 Plan.
( 7)  Options were granted pursuant to the 1999 Stock Option Plan for Officers and Employees of Astoria Financial Corporation, or the 1999 Plan.
( 8)  Options were granted pursuant to the 2003 Stock Option Plan for Officers and Employees of Astoria Financial Corporation, or the 2003 Plan.
( 9)  Options were granted pursuant to the 2005 Stock Incentive Plan for Officers and Employees of Astoria Financial Corporation, or the 2005 Plan.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
MCCANN GARY T
ONE ASTORIA FEDERAL PLAZA
LAKE SUCCESS, NY 11042

Executive Vice President

Signatures
Gary T. McCann 5/12/2008
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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