RedactedNarrative: F/V Elizabeth J stated they had been involved in a collision with P/C Nina Marie, a 50 ft Sport Fisher, and one of the crew members on board the F/V had been ejected and was now in the water. Current position was approximately 17NM S of Shinnecock. The ejected crew member was retrieved by the P/C Nina Marie and communicated with SLIS SCC over VHF FM 16 that he was uninjured and provided a GPS position, but the P/C Nina Marie was taking on water in the engine room and forward compartment. The F/V reported they believed they were taking on water, but there pumps were operational. 03 POB were on the P/C, including 01 originally from the F/V, and 02 were onboard the F/V, totaling 05 POB. All members were instructed to put on their life jackets / survival suits. As the P/C has no life raft and was rapidly taking on water, all members agreed to transfer to the F/V before doing so became unsafe and would wait for CG assets to arrive. F/V reported they were rapidly taking on water midships on the port side into the machinery space. The space is not enclosed and flooding was spreading too quickly for pumps to keep up. The captain stated they were abandoning ship into an orange life raft.