OYSTER BAY, N.Y. (AP) -- Twenty five people have been rescued from a capsized yacht near Oyster Bay on Long Island and a search is continuing for others who could be missing.

The U.S. Coast Guard says it received a report Wednesday night that a 36-foot Silverton motor yacht had capsized. Coast Guard rescue teams, assisted by local law enforcement agencies, fire departments and owners of private boats, pulled 25 people from the water at about 11 p.m.

A spokesman for the Nassau County Police Department says one person was hospitalized in serious condition. He says the search is continuing into the morning.

The newspaper Newsday reports that up to 27 were aboard and children could be missing. Police could not confirm this.

Newsday says the group was on the boat to watch the fireworks.