Final answer:
When the Times Building was erected in 1904, Longacre Square transformed into Times Square, a bustling entertainment and commercial center in New York City.
Step-by-step explanation:
When the Times Building was erected in 1904, Longacre Square underwent a significant transformation. The square was renamed to Times Square in honor of the new Times Building. Times Square became a prominent entertainment and commercial center in New York City, known for its bright lights, Broadway theaters, and bustling atmosphere.
The establishment of the Times Building and the renaming of the square marked a turning point in the development of New York City's skyline and the rise of modern skyscrapers. The growth and transformation of Times Square continue to shape the city's identity to this day.