Russell Gerlach of Russell Gerlach Realty LLC purchased an industrial building at 309 Nassau Ave. for $1.78 million, or approximately $82.50 per square foot. Magro Realty I LLC, an investor from East Setauket, NY, had previously leased the property to the buyer for two years with an option to buy at the end of the lease term. The property sold well below its assessed value because the sale price had been agreed upon at the start of the lease. Gerlach reported that appraisals of the building ranged from $2.8 million to $3 million.