You are using the Salifert test right? You did put the conical tip onto the small syringe right? (Sorry if that is an obvious question. Sometimes I gloss right over the most obvious things).
Assuming that the test is not bad and that you followed all of the directions correctly then I would fill the syringe again up to the 1.0 mark and then add 16 to your result to get your correct alkalinity measurment. You have not added any supplements yet right? The alk will come down on its own eventually or you could try adding small amounts of calcium chloride to help bring your calcium up to 400 or so and this will help the alk to decrease. But personally I would not worry about it too much since your tank has just cycled. Soon your coraline algae will take off and help reduce the alk. IO is low on calcium and high on alk. When was the last water change?