Timber Equities secures $17.5M loan


The development company behind the new multi-family building on the site of the former Villa Rosa Bonheur has officially locked up financing for the construction project.

The Bank Hapoalim Group, a credit card company based in Tel Aviv, Israel, has loaned Timber Equities $17.5 million for the 2395 Palisade Ave., project, according to New York Yimby. The funds will be used to construct 55 units, underground parking, a fitness center and other amenities across 50,000 square feet.

The development has been controversial from the start, when initial demolition permits for the near century-old Spuyten Duyvil building reportedly were limited to interior work only. Neighbors keeping a close eye on what was happening to what they consider historical buildings cried foul once they saw workers start dismantling its locally iconic roof.

Demolition was halted for some time after city inspectors found that asbestos on the property was not being disposed of properly, according to reports.

Timber Equities finally razed the existing building earlier this year.

Construction is now under way, with developers expecting the first residents to move in next fall.


Former tax preparer faces felony charges

A tax preparer who used to be based in Van Cortlandt Village, faces six felony counts for allegedly filing fraudulent income and withholding tax returns.

Raul Martinez, formerly of 91 Van Cortlandt Ave., and now of Englewood, New Jersey, was arraigned remotely on the charges, and then released on his own recognizance, according to the state’s Department of Taxation and Finance.

Martinez faces seven counts in all, prosecutors said, including failing to file corporate tax records for his business, Apollo Tax, located at 170 Dyckman St., in Fort George.

Martinez also is accused of grand larceny for claiming a refund of nearly $7,000 by allegedly providing false information on his 2015 personal income tax return, prosecutors said.

He also was charged with two counts of criminal tax fraud and three counts of offering a false instrument for filing.