The Extra Short Film Festival has an extra short website but has been running for seven years from Moscow, in Russia not on the Hudson, although funnily enough Zhenia Stadnik who is Communications and Events, Manager of CEC ArtsLink posted a ESFF call for entries last year and the CEC ArtsLink office is on Hudson St in New York.
Expanding this post a little since I found it difficult to find information on this festival.
The criteria for the entries must also "follow conventions of the so-called "big pictures." It has to tell a story with clearly defined premise and outcome." The festival was founded by Dmitry Bulgynin who is also part of an artists collective called The Blue Noses. I know that the ESFF has something to do with The Moscow Centre for Media Art and Culture "MediaArtLab", but am not entirely clear what.
Festival participation deadline for each nomination is October 1, 2008 - once again this is another sixty second or one minute film festival. For a comprehensive list of one minute film festivals you can access goto this post here. I am constantly updating it as many festivals close and new ones begin.
Entry is of course free so ... как раз сделайте его!