when was this festivity first held?
The first New Year's Eve celebration in Times Square was held on December 31, 1904. The first ever "ball drop" was held on December 31, 1907
Times Square Ball
The first New Year's Eve celebration in Times Square was held on December 31, 1904; "The New York Times" owner, Adolph Ochs, decided to celebrate the opening of the newspaper's new headquarters, One Times Square, with a New Year's fireworks show on the southern roof of the building to welcome 1905. Close to 200,000 people attended the event, displacing traditional celebrations that had normally been held at Trinity Church. However, following several years of fireworks shows, Ochs wanted a bigger spectacle at the building to draw more attention to the area. The newspaper's chief electrician, Walter F. Palmer, suggested using a time ball, after seeing one used on the nearby Western Union Building.

Ochs hired sign designer Artkraft Strauss to construct a ball for the celebration; it was built from iron and wood, electrically lit with one hundred incandescent light bulbs, weighed , and measured in diameter. The ball was hoisted on the building's 70 foot flagpole with rope by a team of six
who dropped the ball in times square 2017 UNANSWERABLE during what celebration is this ball dropped? New Year's Eve celebration which is the location for this specific event? New York City's Times Square
wiki:9209969
Times Square Ball [SEP] Early celebrations, first ball (1907–1908)
The first New Year's Eve celebration in Times Square was held on December 31, 1904; "The New York Times" owner, Adolph Ochs, decided to celebrate the opening of the newspaper's new headquarters, One Times Square, with a New Year's fireworks show on the southern roof of the building to welcome 1905. Close to 200,000 people attended the event, displacing traditional celebrations that had normally been held at Trinity Church. However, following several years of fireworks shows, Ochs wanted a bigger spectacle at the building to draw more attention to the area. The newspaper's chief electrician, Walter F. Palmer, suggested using a time ball, after seeing one used on the nearby Western Union Building.