Officials were withholding the names and genders of the victims until their relatives are notified.
The Mandy Ness, a 44-foot fishing boat, capsized about 10 miles off Long Beach Island around 11:15 p.m. Tuesday, Coast Guard Petty Officer Crystalynn Kneen said.
The Coast Guard launched a search after receiving an emergency transmission from a beacon that activates when it gets wet. The agency dispatched a helicopter from Atlantic City and a 47-foot rescue boat from Barnegat Light. It also broadcast an urgent request for help to mariners.
A fishing boat that had been nearby, the Frances Ann, heard the broadcast, and went to the aid of the capsized vessel, taking one person aboard, Kneen said.
Shortly afterward, a Coast Guard rescue swimmer went underneath the capsized hull and brought out one victim, who was unresponsive. The victim was pronounced dead at a hospital in Galloway Township.
The condition of the surviving victim was not immediately available.
The Coast Guard said there were no preliminary indications of what might have caused the boat to capsize.
Winds were 15 knots and seas in the area were 3 feet high, not especially rough for this time of year.
