If a space station were built an important part to its success would be its position in space.
Lagrangian points
Lagrangian points
Gerard K. O'Neill had a theory that involves specific locations between the Earth and the Moon. These points are called Lagrangian libration points and there are five points in existence. These points create a kidney shaped "pocket" in which objects are able to stay in a stable location relative to the Earth and the Moon. These five points are created by the gravitational attraction between the Earth and the Moon that creates an equilibrium and when an object is present it stays in a permanent orbit.