Prague goes a little crazy for New Year's Eve and to catch a piece of the action you will need to make your way down to the Old Town or Wenceslav Square for Midnight to witness the firework madness. This is a potentially dangerous night in the year when fireworks are going off in all directions so please be careful if you do find yourself in the center later on.
Hope it helps!
Stastny Novy Rok!/Happy New Year!
The ITTP Team