04/19/2012 03:01 pm ET Updated Apr 20, 2012

Stranded Sailors Rescued From Lake Michigan's Frigid Waters

In a dramatic rescue Wednesday, two sailors clinging to a capsized boat in freezing Lake Michigan were saved by the Chicago Police Department's Marine Unit, MSNBC reports.

First spotted near Chicago's Montrose Harbor by Kris Habermehl who was in a helicopter overhead, Peter Kovats and his friend were seen being pounded by choppy waters as they desperately hung onto the side of Kovats' sailboat 'Peter Pan.'

Within minutes, a rescue boat arrived and divers pulled the two men, who were exhausted and suffering from hypothermia, to safety, CBS 2 reports.

According to WGN Radio, this was not 62-year-old Kovats' first brush with death as a sailor.

Last year, Kovats had been on the 'Peter Pan' with two friends celebrating his birthday when a storm capsized the boat, plunging the three men -- all sans life vests -- into the 40-degree water.

It took 45 minutes for rescuers to find them, but incredibly, they all survived, WGN Radio reports.

"He's fine," said Kovats' wife, Mary, "but you can't teach an old dog new tricks."

Kovats and his friend are being treated for hypothermia but are both in good condition.

Correction: This story has been amended to reflect that it was the Chicago Marine Police Unit that made the rescue.