New Year's was first celebrated in Times Square on Dec 31 1904. The inaugural bash commemorated the official opening of the new headquarters of The New York Times newspaper. The new impressive tower marooned on a tiny triangle at the intersection of 7th Ave and 42nd Street was at the time Manhattan's second tallest building. The night was a rousing success and the headline on New Year's Day read "THE PARTY OF ALL PARTIES"
This party came with a huge fireworks display & all. Two years later a seven hundred pound iron ball was introduced sparkling with a display of lights. Today the party lives on where hundreds of thousands gather from all over the world to ring in the new year!
(The area was re-named "TIMES SQUARE" on that famous New Years Eve in 1904 in celebration of the new NY Times building and throwing the big bash)