"Hildy", a Novara Randonee touring bike; a 16-speed Bike Friday Tikit; and a Specialized Stumpjumper frame-based built-up MTB, now serving as the kid-carrier, grocery-getter.
I'm not aware of any, but Summit is fairly near the Watchung Reservation. While the trails there aren't bikeable, the roads are low-traffic (stay away during rush hour, or course) and quite nice to ride on if you're a strong climber.
Just got back from a ride through Summit and the reservation this afternoon. The biking around there is, sadly, not so great, though the reservation is a nice few miles. Lots of stoplights and cars. There's nothing like the C&O Canal. But if you pedal west you fight through suburban glom for half and hour or so and then you can get to the Somerset Hills area, which is fantastically beautiful and very good riding. If you are willing to drive, there is good biking all through the western part of the state within an hour. As for commuting, you can lock up at the station and train it into NYC, or take a folder, which I highly recommend as speeding through Manhattan has a video-game quality not found elsewhere.