The original name of Times Square before its ball-drop tradition began was Longacre Square.
The area was renamed Times Square in 1904 after The New York Times moved its headquarters to the newly built Times Building, now known as One Times Square. The name change helped establish the district as a major center of New York's newspaper, theater, and transportation life.
The first New Year's Eve Ball descended there in 1907, three years after the renaming. The celebration therefore began in Times Square, not under the name Longacre Square. The earlier name reflected the area's historical connection with carriage-making and horse-drawn vehicle businesses.
One Times Square remains closely associated with the celebration even though the New York Times no longer occupies the building. The tower's advertising screens and the annual ball descent have made the location recognizable worldwide. Longacre Square is a historical place name, not the name of a separate modern countdown event.