A second person on board was rescued, WNYW-TV, New York, reported.
The maritime mishap involving a 45-foot boat occurred about 2 p.m. in Shinnecock Inlet near Southampton, the TV station said.
Winds were gusting to 25 knots Sunday afternoon. WABC-TV, New York, reported large waves overturned the Pauline IV.
Southampton Town police Detective James Mazzio said the body of Stian Stiansen, 85, was found washed up on shore.
Mazzio said Scott Finne, 42, was clinging to a flotation device when he was rescued by a Sea Tow operator.
The fishing trawler came to rest on shore.