Noe Pond, LLC Reaches Agreement to Purchase the Noe Pond Club from The Silverman Group, Continue Operations
New management intends to maintain the full operations of the club for 2022 season and explore additional offerings
CHATHAM TOWNSHIP, NJ—(January 17, 2022) Noe Pond, LLC, a newly formed company, announced today that it has entered into a purchase contract with The Silverman Group of Basking Ridge to buy the Noe Pond Club property located at 395 Southern Boulevard, Chatham Township. Terms of the deal were not publicly disclosed.
Madison residents Scott Readlinger and Lawrence Palumbo and Boxcar, Inc. formed a partnership to negotiate the purchase with representatives of The Silverman Group. The new company, Noe Pond LLC, was formed with the intent to purchase the Noe Pond Club and maintain its full complement of offerings as a community-focused swim, tennis, and paddle club. Members of the company heard the concerns of the Save Noe Pond group and the Great Swamp Watershed Association and shared the view that the commercial development of Noe would have an adverse environmental impact, and would result in the loss of open air recreational space at a time when such offerings are more important than ever. .
“We are delighted at the opportunity to preserve Noe Pond as open space and a club for area residents,” said Readlinger and Palumbo. “As members of Noe, our one and only objective is to ensure that this Chatham institution remains a family gathering place for years and years to come.”
Going forward, the long-term plan is to return operations to those of the Club’s zenith, including the reintroduction of a swim team, summer camp program, and competitive tennis & paddle. In addition, the new ownership will engage with Chatham Township officials to explore opportunities to make additional improvements to the facilities over time.
Since the purchase may be completed later in 2022, Noe Pond, LLC will have the opportunity to lease the property to manage day-to-day operations as it was managed for the 2021 Season.
Chatham-based Boxcar, Inc. will oversee the management and offerings of the club. Dues payments will be processed through the Boxcar app, and the company will oversee hiring and day-to-day operations.
“We are very excited about this opportunity,” said Boxcar CEO Joe Colangelo. “We’ve spent four years getting to know the residents of Chatham and Madison through our commuting services, and look forward to helping make summers even better at Noe Pond Club. Clubs like this are an integral part of what makes suburban communities special. I love that this spot has such a long and storied past and I’m thrilled that Boxcar can be part of its future.”