The object dropped at midnight in New York City's Times Square is the Times Square Ball.
The first ball drop took place on December 31, 1907, to welcome 1908. Newspaper publisher Adolph Ochs organized the event for the New York Times building, which had opened in Times Square shortly before then. The original ball was made of iron and wood, illuminated with electric bulbs, and measured about 5 feet across.
The tradition was suspended in 1942 and 1943 because wartime blackout rules prevented bright public celebrations. Midnight crowds still observed a moment of silence, followed by church bells. The modern ball is much larger and brighter than the original, with crystal panels and LED lighting.
The ball does not physically fall all the way to the street. It descends a 130-foot pole over 60 seconds, reaching the base at midnight. Times Square's New Year's Eve celebration also includes musical performances and confetti.