The most famous building in New York City and probably the whole of U.S. is One Times Square. It is from the top of this building that the glittering ball slowly descends on New Year's Eve to mark the passing from one year to the next. Each year a million people crowd into Times Square to gaze expectantly at the building along with hundreds of millions watching at home on television.
This tradition started in 1907, when the Times Tower opened as the headquarters of the New York Times. The ball drop was a celebration of that milestone, and was accompanied by New Year's fireworks.