The incident happened around 4:46 a.m. in Long Island City on Borden Avenue right underneath the Long Island Expressway.
Witnesses say the vehicle was propelled by a skateboarding ramp that enabled the car to go over a fence and into the Newtown Creek.
One of the witnesses said he saw the vehicle speeding -- with no signs of it slowing down -- while it was approaching the dead end.
Firefighters say they deployed multiple rescue divers in conjunction with marine units, pulling three unidentified males from the submerged vehicle.
The victims were in critical condition when they were transported to Cornell Medical Center.
Police later confirmed the three people died at the hospital.
Two of the victims have been identified: 30-year-old Luis Cuadros and 25-year-old Quameek Mack.
The NYPD's Highway Collision Investigation Squad is investigating.
ALSO READ | 14-year-old gives birth and hands baby to customer at restaurant
* More Queens news
* Send us a news tip
* Download the abc7NY app for breaking news alerts
*Follow us on YouTube