IMO the best place for the TV is where the black sofa iswith a sofa facing that wall then 4 chairs and a coffee table where the fireplace is and when you entertain you have lots of seating that can be moved around.. Keep the furniture smaller scaled to not overpower the space ( so no recliner stuff at all) that also alows for any size TV you want Not sure how much storage you need in the house but you could add a Besta system from Ikea for some storage and the TV

We recently purchased a home and having trouble with furniture placement for living room , specifically the TV. Right now the space does not have a TV and the couches are along the long wall looking into the Foyer . This will only leave tv space for the right or left corner making it not comfortable to watch . Please suggest the type of furniture and TV placement that would work best with this space .

Beautiful room even if it has so much going on with the off center fireplace, the windows, the door openings and the balcony. The way to make this room work is not to try to make it symmetrical. Consider the following: A TV over the fireplace is annoying to view. It is too high and I agree that it will go out of style for good. Consider locating the TV on the left wall under the balcony. Treat that entire elevation as one unit including the second floor. Paint the entire wall, the overhang and the second floor wall a dark color (midnight blue) and mount the TV on the wall with a narrow bookcase so that it cleans up the door openings, the balcony and overhangs. Paint the railing also and the rail itself - black. With the seating, a sectional will streamline the room and focus on the window and fireplace. Because of the high ceiling, you have the option for a higher back sectional. On the big blank wall (with your existing wall unit) invest in large art or a series of work to be grouped together creating a statement. Fireplace would be TV Note dark gloss wall

When the sofa faces the window, the chaise completely blocks the fireplace and looks like a fire hazard. Since you're open to some construction, you may want to consider removing the mantle, adding brick up to the ceiling, then mounting the TV lower than where the mantle is now so it's more comfortable to watch when the sofa is facing the fireplace. If you remove the radiator in the dining table area, will you also be able to remove the 27" and 24" wide wall bump outs on each side? If you can, you'll gain valuable space and may be able to use the table and chairs you have now.