Typically it is the buyers agents responsibility to inform you of the area especially if you are not familiar; however, if the agent can prove that he/she had no knowledge of the noise issue then the point is mute. If the agent acting is a dual disclosed agent, that is listing for the seller AND representing the buyer also, then of course the agent would have to disclose or at least indicate that there is sometimes an occurance during special events of noise to be above normal.
For instance, Raceway Park locateed in Old Bridge on the Manalapan border offers jet funny cars and speed racing and when an event is hosted ie/every Wednesday night in the summer and on weekends in the summer the noise is at an extreme for neighbors. This is definately something to be disclosed.
As for the air rights being on the flight pattern an attorney would have to advise. I hope all works out.