Coast Guard Petty Officer Crystalynn Kneen says the 44-foot Mandy Ness capsized off Long Beach Island late Tuesday.
The Coast Guard launched a search after receiving an emergency transmission from a beacon that activities when it gets wet.
Kneen says a Coast Guard rescue swimmer went underneath the capsized hull and brought out one victim, who was unresponsive. The person was pronounced dead at a hospital.
A passing fishing vessel rescued the second person.
Their names and genders have not been released.
