JERSEY CITY -- A Navy Seal team member has died when his parachute failed to open during a Fleet Week demonstration over the Hudson River.

A Navy spokesman said the accident occurred shortly after noon Sunday near Liberty State Park. The parachutist was a member of an elite Navy parachute team called the Leap Frogs.

The victim wasn't identified pending notification of family.

The Navy says the parachutist was rescued from the water by Coast Guard and local fire department responders who were on standby, but was pronounced dead at a hospital at 1:10 p.m.

The cause of the parachute malfunction is under investigation.

"Our hearts and prayers go out to his family, and I ask for all of your prayers for the Navy SEAL community who lost a true patriot today," Rear Adm. Jack Scorby, commander of the Navy Region Mid-Atlantic, said in a prepared statement.