One Times Square is the name of the building in Times Square upon which the famous New Year's ball drop is performed annually. It was orginally built by New York Times in 1904 as a headquarters for their operations. The building was then purchased by Allied Chemical in 1961. Because of the extensive cost of renovating the building with central air conditioning, the building currently has no tenants and is only used to hold dozens of colorful advertisements.

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History of One Times Square