Pictures didn’t upload so here you go!

Get rid of the corner fireplace. They are always awful for space planning.

I would leave the fireplace just the way it is. It looks much nicer white washed, so the bricks still show a bit, than it will painted a solid color. Solid color, always looks like plastic to me. The tv is way too high for comfortable viewing. That needs to be down a lot lower. Eye level when sitting on the couch, would be a good height for it.

to get specific layout advice you will likely need to add a floor plan with measurements

I think sectionals are great for basements and cozy movie nights - id be tempted to just ignore the FP and center my sectional on the wall across from where you plan to do the TV - FWIW we have a U shaped sectional in our basement with 2 large storage ottomans (for throws) it is super cozy and loungey as everyone has room to stretch out :)

Without measurements of the room, just showing sectional ideas:

What would you recommend for wall color if leaving the FP white washed?

What would you recommend for wall color if leaving the FP white washed?

That depends on what color furniture you're having, an area rug, and the color of your new flooring. it's much easier to pick a wall color to match those than vice versa.

here are some lighter tone options (and you could always go over the brick w/a heavier coverage since the 'country' look doesn't seem to be your option.

Personally I think this is a 'meh' job. The mantle is too small and the whitewash wasn't done very well. (and please, get new window blinds!)

here, see the diff?

This one is somewhat in the corner. see how they finished off the angled sides? (more on that below w/skim coating)

This is a better sized mantle w/art above. (get yourself a thick wood beam at HD or lowes, beat it up a bit and stain it yourself. did it w/ours. try a 6x6 or 6x8 size.

You could fir out the brick and do anything else over it.

you could even tile over it, plaster the sides and upper portion.

You could remove the mantle, knock off the corbels, and do this mantle surround like they show here. above the mantle, you could cover the upper portion w/some wood trim work

See the black panel trim work on this one? kind of like this.

and if you like this look, do a cement or plaster right over the brick. super simple and cheap. (search 'cement overlay on fireplace brick" or plaster over brick fireplace)

here's what they did to this corner fireplace, very similar to yours. notice the wood shiplap trim above the mantle. you don't have to do shiplap, you could do anything you like.

this is more of a boho type of look

here's another skim coat on a corner fireplace w/all neutrals and textures

skimcoat

You could paint the brick black and add these cubbies off to the left side, filling in that angle.

I love this look

solid white brick, wood floors, bamboom shade, warm area rug, white walls and bookcase. textured ceiling light.

Beth, thank you so much for the very thoughtful reply! Given the extensive remodel work elsewhere, I’m hesitant to take on the fireplace with an extensive Reno/facelift (for now 😉). That said I am extremely open to painting it and changing out the mantle (was at the very least going to sand it down and bring out a more natural color to it.

I’ll be furnishing this home from scratch and have abundance of options color and fabric wise. The floors that will most likely be going in are Flooret Lato Base (see attached picture of the basement with that floor using their room visualization tool. Note their visualizer only uses their signature line which has a thicker painted bevel, the base has a nice, tight micro bevel for a more uniform look). And yes, blinds absolutely need to change! I can’t stand the ugly horizontal blinds look. A nice Bamboo, rattan, or clean roll down shade is what I’m thinking. Unfortunately the window sill lack much of a recess so any install will be outside frame.

Based on the above and the floor selection, any advise on wall and fireplace paint color?

I would just stick w/white on the brick, maybe a lighter oak mantle that is similar to the floor

hard to tell from that pic, but here are some to get you started.

Any suggestions for a wall color to complement and make a cozy play area/lounging room?