A challenging hike with a worthwhile payoff about twenty minutes west of Hudson.
The highest falls in New York State; truly spectacular.
History:
http://en.wikipedia.org/wiki/Kaaterskill_Falls
Hiking Guide:
http://www.localhikes.com/Hikes/kaaterskill_0000.asp
New York Magazine:
http://nymag.com/travel/weekends/kaaterskillfalls/