Does "formal" imply you have another space for tv watching? A family room? Or is this the only room for tv? If the former? Make the tv more secondary........use an adjacent wall. Better by far as the need for built in expense will be less, and same with media console and tv. As below...and I will hope that is the case. - you've another tv spot. Truly....... the view into the room is far better this way in EITHER case. A room needs to make CONVERSATION possible; nobody wants to shout at another off in the distance. And that love seat can just as easily be two VERY comfortable chairs. One quarter inch to a foot below. Don't forget a great rug.....9 x 12. Lighting matters.......art matters. : ) The very last thing you need? An accent wall via paint. One paint color will do it.....please. You will get more help if you post some inspo pics of rooms/styles you love. There are no mind readers here...

IMO a fixed chaise is never a good idea for seating and that is really bad since who ever sits there is forced to sit with there legs up on the chaise . Just get a sofa and 2 chairs no loveseat which really are just a big chair where you can't reach one arm rest. An ottoman that can have tray on it for snacks or drinks is a better choice IMOIf you trully want help we need a to scale floor plan posted here in a comment in jpeg format DO NOT start another post

Thanks for posting extra pics - very helpful. Good too that media console will fill the TV wall & be higher. It means TV can move to right (facing TV) towards the entry. That chair - yes, it’s definitely a keeper for a snuggle & reading chair. It would be perfect by the window. Try this - move loveseat to opposite side of sofa with back to the kitchen. Place it so there’s lots of room to walk behind & around it. Slide sofa down wall towards window. Will bookcase at that end of room fit on other side of kitchen doorway facing into the room? That would be one way to keep both. Place chair by window in the corner with half wall by entry - angled & facing sofa. The lamp on table that’s at other end of sofa - move it to side of chair by window & move the white table & lamp to corner created by sofa & loveseat. You’ll probably have to fiddle with the spacing but the goal is getting the chair placed byt the window & keeping a conversational grouping. Having the TV on a larger console allows it to be moved a bit for best viewing from both sofa & loveseat.

What an amazing apartment! Looks like Brooklyn or Harlem. You scored with this one! Consider the following: Use the small dining room for your desk and lounge chair. It seems too small for a good size dining table. Your desk can be on the back wall with art above and maybe a wall treatment - paint or wallcovering. It will visually expand your space and you mentioned someone using your space during the day, an office (?). I am a big fan of banquettes for dining, especially in small spaces. If you tuck a bench/banquette under the shelf to the kitchen, add a single pedestal table - oval or round - and two comfortable chairs, it can easily accommodate 4. I also like that elevation when entering your place by seeing the fireplace, add a tall bookcase on the 3' wall on the left, and the table near the kitchen. Consider moving the TV to the right of the fireplace near the window and lowering the height to align the height of the tv with the height of the mantel and a cabinet below. The trick with a small space is to keep the focus at one height so it expands the room. If you are considering window curtain panels, install them ceiling to floor (right under the moldings) with simple brushed nickel rods. Again, it will expand the space. Don't skimp on the curtains. If you're interested, I can give you more info on window treatments. The sofa area can fit a good size sectional with or without a chaise. A narrow sofa table behind the sofa is good for a lamp and accessories. Let me know what you think, I'm always interested. Enjoy your new apartment! (Had to edit the floor plann- furniture jumped around-here's the revised plan below) V V V Banquette under kitchen bar shelf V V V Using your existing dining room as a lounge and desk area