The winners receive a $60,000 package including a full month's use of a 35mm Panavision camera package to shoot their next film in Israel.
Audience Awards were also presented to Ran Tal's documentary Children Of The Sun and Tel Aviv University's Lior Geller for the student film Roads.
This year's festival showcased more than 30 features, documentaries and other work celebrating Israeli life and culture.
'I was very moved by the audience's reactions to the Israeli films we presented this year,' organiser Meir Fenigstein said. 'With over 26 screenings totally sold out and lines stretching down Broadway, the energy and excitement I experienced from the public as well as the film-makers at this year's festival truly highlight the terrific creative voices in Israeli film-making. It was a wonderful way to help celebrate Israel's 60th Anniversary.'
The touring festival has already visited Los Angeles and New York and will run in Miami from December 9-18.