Firefighters say it happened just before 4:15 p.m. Saturday.
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According to police, the 150-foot Seastreak ferry was navigating shallow waters near the Bushwick Inlet at the time.
Officials say 118 passengers and seven crew members were safely removed from the ferry. No injuries were reported.
Three boats from Coast Guard Station New York were launched and began the rescue efforts with FDNY and NYPD crews. Members of the FDNY and Coast Guard conducted dewatering operations onboard the ferry.
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Investigators say a mechanical issue may be to blame.
MORE NEWS: Washington Square Park shuts down early due to violent groups, drug use
Washington Square Park shuts down early due to violent groups
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