Winslow Township police and fire departments were called to the Winslow Hot Mix Quarry located on Piney Hollow Road at around 3:00 p.m. for the report of male who was drowning.
The caller provided arriving units with a general location of the 37-year-old victim as well as two of his friends who were at the water's edge.
Officials say the friends tried to rescue the victim, but were unsuccessful.
Upon arrival, police were told the man was swimming with his friends when he went underwater and failed to resurface.
Officers entered the water and attempted to locate the victim.
Several surrounding towns provided assistance in the form of boats and jet skis to assist with the initial search.
A New Jersey State Police helicopter was also brought in for the search.
New Jersey State Police and Malaga Dive Teams located the victim at 6:50 p.m. in approximately 18 feet of water, 60 feet from shore.
The victim's identity is not being released until next of kin is notified.
The property belongs to an asphalt materials and delivery business called Winslow Materials.