What is iconified , " The Crossroads of the World " ?
Formerly Longacre Square , Times Square was renamed in April 1904 after " The New York Times " moved its headquarters to the newly erected Times Building – now called One Times Square – site of the annual ball drop on New Year 's Eve , a tradition which began on December 31 , 1907 and continues today , attracting thousands to the Square every New Year 's .