I dove that site back in July on a CAD charter (2nd dive site on a 2 tank charter; the first was to Pickett's ledge). It is located just north of Gloucester harbor within 100 yards of the shoreline (although no shore access).
To call it a "wreck" is factually correct, although you will be hard-pressed to find any wreckage. Captain Steve's comment before we went into the water was that you *may* see some wreckage. My buddy Mike and I saw a few items that looked man-made, but we were not sure if they were actual pieces of the wreck -- you definitely had to look HARD.
All that being said, it is a nice site -- very rocky bottom, lots of plant and animal life. Shallow depths running down from 15-20 feet close to shore out to 40-50 farther out, if I remember correctly