On June 1, 2025, about 1130 EDT, N2242Z, a Piper PA32-300 airplane, was involved in an accident near Montauk, New York. The private pilot/owner and his passenger were not injured. The flight was conducted as a 14 CFR Part 91 personal flight. The airplane departed Bridgeport/Sikorsky Airport (BDR), Bridgeport, Connecticut, about 1114, and was en route to Block Island State Airport (BID), Block Island, Rhode Island. The pilot stated that all engine indications were normal as he climbed and leveled off at 3,000 ft mean sea level (msl) over Long Island Sound. Shortly after, the engine made a popping noise “similar to a back fire” with a noticeable loss of engine thrust. The pilot noted the RPM gauge went to “0” but the propeller continued to spin. He declared a MAYDAY and prepared for a forced landing in the water. Upon landing, the pilot said he and his passenger exited the airplane and he used his cell phone to direct emergency personnel to his location. The airplane wreckage was recovered from the water and taken to a secure facility for further examination. Both wings had been removed, and substantial damage was observed on the lower fuselage. The engine and its two-bladed propeller remained securely attached to the airframe. Evidence of corrosion was noted from exposure to saltwater. The rocker box covers were removed, and no anomalies were noted. However, when the crankshaft was rotated via the propeller, there was no movement noted on any of the rocker arms. The engine was removed from the airframe to facilitate further examination. The accessory section of the engine was removed, and the crankshaft gear bolt was found about 1/8th of an inch from the seated position. The safety lock plate washer was present; however, the washer tabs were bent. The crankshaft gear bolt head was rounded. The crankshaft gear bolt was removed, and the bottom threads of the bolt were damaged. The crankshaft gear was removed, and the alignment dowel was sheared. Four teeth were sheared from the oil adapter idler gear and found in the oil sump. No other mechanical deficiencies were noted with the engine. The damaged components were retained and sent to the NTSB Materials Laboratory for further examination.