Times Square is a major commercial intersection and a neighborhood in Midtown Manhattan, New York City. It is located at the junction of Broadway (now converted into a pedestrian plaza) and Seventh Avenue, and stretches from West 42nd to West 47th Streets. Brightly adorned with billboards and advertisements, Times Square is sometimes referred to as "The Crossroads of the World", "The Center of the Universe", and the heart of "The Great White Way". In addition to being one of the world's busiest pedestrian intersections, it is also the hub of the Broadway Theater District and a major center of the world's entertainment industry. Times Square is one of the world's most visited tourist attractions, drawing over 39 million visitors annually. Approximately 330,000 people pass through Times Square daily, many of whom are either tourists or people working in the area.

Formerly Longacre Square, Times Square was renamed in April 1904 after The New York Times moved its headquarters to the newly erected Times Building (now called One Times Square). That building is the site of the annual ball drop on New Year's Eve, which began on December 31, 1907, and continues today, attracting over a million visitors to Times Square every New Year's Eve.

The northern triangle of Times Square is Duffy Square, which was dedicated in 1937 to Chaplain Francis P. Duffy of New York City's "Fighting 69th" Infantry Regiment. A memorial to Duffy is located there, along with a statue of George M. Cohan and the TKTS discount theatre tickets booth. The stepped red roof of the TKTS booth also provides seating for various events. The statue of Duffy and Duffy Square were listed on the National Register of Historic Places in 2001.

Source: http://en.wikipedia.org/wiki/Times_Square