Commercial fisherman rescued from the water off Montauk Point, N.Y

Coast Guard rescues fisherman off Montauk PointNEW YORK – The Coast Guard rescued a commercial fisherman from the water off Montauk Point, N.Y., today.
At approximately 4 p.m., a communications watchstander from Coast Guard Station Montauk received the report of a person in the water off Montauk Point, N.Y., from the East Hampton Police Department.
A 47-foot Motor Life Boat rescue crew from Station Montauk diverted from training to the location. Once on scene, the crew recovered a 52-year-old commercial fisherman from a life raft and brought him on board where he received treatment for hypothermia.
“The initial report came from a birdwatcher in the area who observed a person in the water that appeared to be hanging onto a life raft,” said Petty Officer 2[SUP]nd[/SUP] Class Brent Walsh,the 47-foot Motor Life Boat operator from Coast Guard Station Montauk. “Fortunately we were in the area conducting training at the time of the report and were able to quickly respond to the location of the person in the water, especially since we were quickly losing valuable daylight to search for the fisherman.”
Station Montauk’s boatcrew brought the fisherman back to the station and transferred emergency medical services. He was originally transported to South Hampton Hospital and was subsequently airlifted to Stony Brook Hospital in Long Island, N.Y.
The fisherman’s 38-foot vessel reportedly capsized and sank approximately six miles from Montauk Point.
The cause of the incident is under investigation.

I know those waters. Six miles off Montauk usually does not produce seas likely to suddenly capsize a 38’ Sportfish. And how could he have had time to deploy the raft but not enough to call out a Mayday on 16?

Best I can figure, he went out and blew an intake hose. Felt the boat begin to wallow but thought he could make it back without causing a fuss. Prepped the raft just in case. Boat suddenly broached and he was in the water.

Any word on what actually happened?