When we went for NYE, we stayed at the Sheraton on 7th between 52d and 53d. We ate a late dinner at Trattoria Dell'Arte and walked out of the restaurant at around 1030. Got in the pens and saw the ball drop from ~7th and 54th. Close enough for us.

If you can get a table at the Redeye Grill as Lark SFO suggested, do that instead of staying at the Marriott Marquis.

As others have stated, only do it once to take it off your bucket list.