They could do it near Snake Hill, but that land's been turned into a park and the surrounded by condos, so I doubt they're going to find a similar chunk of rock large enough. The condos are also probably depressing the market right now as well, so it's hard to build luxury condos in those conditions.
This is an interesting study, from back i the 50's. But even then there are sections of the maps marked "Bedrock?" indicating that they don't even know how far down it goes. Most of the borings seem to indicate that it's gravel, clay, and sand for at least the first hundred feet or so, and then it's on to shale.
http://www.state.nj.us/dep/njgs/pric...port/gsr01.pdf