At about 13:55 EDT, a Piper Malibu suffered a minor fire during an en route climb near Allaire Airport. The three people aboard were not injured. The pilot said the airplane was climbing through 12,000 feet feet when heavy black smoke appeared in the cockpit. The pilot declared an emergency and started an emergency descent. During the descent, he noticed that the hydraulic light was on and the hydraulic pressure was zero. The pilot could not move the prop control and the throttle was difficult to move as well, but he landed without further incident. Post-flight inspection of the airplane revealed that the left side turbo clamp had failed.