Which New Year's Eve event in New York City is centered on the annual ball drop at Times Square?

The annual ball drop at Times Square is the centerpiece of Times Square New Year's Eve.

The event takes place in Manhattan at the intersection known as Times Square, where a large illuminated ball descends from One Times Square shortly before midnight. The descent ends at the start of January 1, followed by confetti and celebrations in the surrounding streets.

The ball-drop tradition began in 1907, when the first ball was lowered to mark the new year. The event has continued through changing designs, technologies, and public-safety arrangements. Millions of people have watched it in person or through international broadcasts.

This question concerns the named event, not the date of the first ball drop. Times Square also hosts musical performances and celebrity appearances, but those elements vary by year; the midnight descent is the enduring centerpiece.