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City Council Speaker Christine Quinn said she accepted his resignation, which is effective immediately.

In a statement, Quinn said, "This is a sad day for the City Council, for the 10th Council district and for the City of New York. The Council and I take this matter very seriously and we will continue to be fully cooperative with authorities."

Martinez did not give a reason in his one-line letter, but it comes as he is being investigated in connection to some non-profit groups and a slush fund used to funnel money to council member's projects.

This past March, city investigators seized documents from a Washington Heights nonprofit agency with ties to Martinez.

The former councilman was planning to run this fall in a crowded Democratic primary.

On Tuesday, Manhattan Borough President Scott Stringer abruptly threw his support from Martinez to Ydanis Rodriguez, the former councilman's chief rival.

"What's most important is that we respond in a very strong way," said Stringer. "My endorsement of Mr. Rodriguez, I hope, will signal that we want to get the best representation in the New York City Council."

Others speculated that Guillermo Linares, who formerly held the seat and is now the mayor's immigrant affairs commissioner, may run.

Federal prosecutors Tuesday said they are likely pursuing charges against Martinez in the case.

Martinez represented parts of Washington Heights, Inwood, and Marble Hill. He was first elected in 2001.

There will be no special election to immediately replace Martinez, as his resignation comes so close to the fall primary.