The crossroads of the world. Formerly named Longacre Square, it was renamed in April 1904 after the New York Times moved its headquarters to the Times Building, now called One Times Square. On New Year's Eve, close to a million people congregate to celebrate the 'Dropping of the Ball'.At the turn of the 20th century, a number of impressive theaters were established on 42nd Street, & by the 2nd decade of the century the Times Square and Broadway area had become most famous entertainment district.