The Putnam County Sheriff's Department said a recreational boater spotted the body of Sang Ho Kim, 63, about 8:30 a.m. near Iona Island, The New York Times reported.
"The tragic violence in East Garden City and the search for Mr. Kim in our local community caused fear and apprehension for many folks," Sheriff Donald B. Smith said in a statement. "Today's events have at least allowed us to turn the page on what was a scary chapter for local residents."
Kim's widow told the newspaper in a telephone interview her husband's body was found near where his mother's ashes were scattered several years ago.
A massive manhunt in the New York City area and upstate began Tuesday after Kim fatally shot Zacharia Yong Jae Shin, 25, an office worker at Savenergy Inc., in East Garden City, and wounded John Hyung Choi, Savenergy's owner.
Kim, a disgruntled vendor, left a voicemail at the business about 2 hours after the shooting, Newsday said. Police released his photo in an effort to locate Kim. His sport utility vehicle was located Tuesday night about 70 miles away in the upstate village of Cold Spring.
Authorities speculated he may have committed suicide.