This is just the station name. The area is actually called 新宿五丁目 Shinjuku Go-chōme 5th Block of Shinjuku. It’s just offices, restaurants, and apartments – nothing too exciting.
The station name is a combination of 2 town names: 若松町 Wakamatsu-chō Wakamatsu Town and 河田町 Kawada-chō Kawada Town. Wakamatsu-chō is said to derive from the 若松 wakamatsu young pine trees that were cut from this area and presented yearly to the shōgun family to decorate Edo Castle at 御正月 O-shōgatsu the New Year Holiday. Kawada-chō is said to derive from a swampy rice paddy in the area. The first kanji 河 kawa means river or stream. The second kanji 田 ta/da means rice paddy. Rice paddies need irrigation, ergo “Kawada.”
I’ve never visited the area, but from my understanding, it’s just a residential neighborhood with high rise apartments. Maybe there’s a convenience store or shrine in the area, but probably not much else.