Iati, who entered the game shooting 51 percent (20 of 39) from deep, made just 1 of 6 shots from long range but logged his 15th straight game with a 3-pointer.
Albany (5-2) scored the game's first five points and led 9-2 following a jumper from Iati. Wagner (1-3) rallied, however, as Jonathon Williams converted a layup with 7:09 left in the first half to give the Seahawks their first lead of the game, 18-17.
But Albany used a 12-3 run over the final 4:30 to enter intermission with a 36-27 advantage.
Williams led Wagner with 26 points on 10 of 11 shooting and has been the Seahawks' leading scorer in each of their last four games.