Christmas came early to New York on Sunday as Will Ferrell gave moviegoers a glimpse of holiday cheer (and his yellow tights) for the premiere of his new comedy, "Elf."

Also making their way down the candy-cane-striped carpet were director Jon Favreau and costars Ed Asner, James Caan, Bob Newhart, Paul Rudd and Daniel Tay -- all part of a benefit for the TJ Martell Foundation for Leukemia, Cancer and AIDS research.

Ferrell, 35, who plays a human raised by elves in the film (which opens in theaters Friday), tells PEOPLE that it wasn't such a stretch for him to take the part of an elf.

"I'm very adorable, for starters," he says. "I think the great thing about Santa and the elves is they're always full of excitement and fun and they're happy, and I'm generally that way."

Wearing an elf outfit -- with pointy shoes, tights and waistcoat -- also was an enjoyable experience for the "Saturday Night Live" alum. "They're very snug fitting," he says of the shoes and tights, "but they kept me warm. Which was good, because a lot of the time we were shooting in Vancouver and New York, and it was very cold."

Asner, 73, who plays Santa in the movie, says one scene in Central Park (where he ends up stranded with his sleigh) was filmed with real reindeer. "The thing that amazed me about them is that they're so damn little! You could pick one up if you felt up to it."

Meanwhile, Caan, 63, plays Ferrell's character's father -- a children's book publisher who is on Santa's "Bad List." In real life, Caan says he always tries to have good holiday cheer.

"I check the safe to make sure there's enough money to give everybody else Christmas spirit," he says. "That's No. 1. It's the small things that we have to remember, and at times it becomes: 'I have to outdo so-and-so, I have to give so-and-so a nice gift because last year they gave me one.' There's too much of that."

Christmas spirit, indeed.