A boat capsized near Palm Beach, about 40 km from Sydney CBD, on Wednesday morning. NSW police said emergency services were alerted around 11:35 am after reports of the accident near Barrenjoey headland. Surf Life Saving members pulled a man from the water. NSW Ambulance paramedics treated him, but "he died at the scene," police said. The man has not yet been officially identified, and the cause of death is unknown. Police started a search for a 14-year-old boy believed to be on the boat. The search involved a PolAir helicopter and Marine Rescue NSW. Another man in his 40s managed to climb onto rocks after the boat overturned. A helicopter winched him to safety. He was taken to North Shore hospital in stable condition with non-life-threatening injuries. Emergency teams continue their efforts to find the missing boy.