Divers from the NYPD's dive team pulled the body of 22-year old Mark Pych from the water near Liberty State Park.
Eyewitnesses say the car was speeding on Marin Boulevard, smashed into a barrier and then went into the icy water just before 3:30 a.m.
Investigators sent more divers into the water for an extensive search for any other victims.
A witness had reported seeing other people in the car shortly before the crash occurred, but authorities say that proved inaccurate.
The cause of the accident is under investigation.
Authorities say it's being probed as an accident, not a criminal investigation.
The Associated Press contributed to this report.