Coney Island will be rivaling Times Square this New Year's Eve. 

For the first time ever, Brooklyn residents won't have to travel to Manhattan to see a ball drop because the iconic Parachute Jump will have a ball drop of its own, which could be the start of a new tradition that'll bring more visitors to the borough. 

The event comes after a remodeled Parachute Jump was unveiled at Luna Park back in June, with many calling it the "Eiffel Tower of Brooklyn." 

Revelers who want to ring in the New Year on the boardwalk will also have music, Coney Island sideshow performers and fireworks. The midnight ball drop will then be simulated in LED lights. 

Local business owners are hoping the ball drop will bring much needed winter foot traffic to the area.