I am looking at two more possibilities. One is 36"D x 48"W rectangular table with 18" extender, and the other is 48" D round table with 18" extender.

You need to go with the 36" deep table. Anything deeper than the 40" you currently have is going to exacerbate your problem... unless I'm not understanding your space.

So 48" round won't do?

If the second photo shows the dining set you now have, I would suggest you keep this set. If you use the table only for special occasions, why not have it double as a library table? You could move out the chairs that are on the window side, move the table closer to the window, and then put just one chair at each end. Some books and bookends on the side toward the window will complete the "library" look. The other chairs could be used in other parts of the room/house. If the chandelier is too low, you might replace it with a light fixture that is close to the ceiling or invest in a pull-down light, provided such is still available.

@sheilaskb Thank you so much for your comment. I know, there is nothing wrong with the table as it is. The only problem is that it is too high for the existing chairs (15" instead of the normal 12") and it is mighty awkward to sit at. Which is why no one likes this set. I have been thinking of getting new chairs or finding a carpenter who would adjust the table height. But it all is a costly exercise and in the end I end up with the same old piece of furniture. So I was/am looking for a new one. And to my surprise it ain't as simple as it sounds. I will post some more candidates for the dining set shortly.

If you have an 8' space and a 48" table, that means you only have 2' on each side of the table for chairs, right? But if you have a 36" wide rectangular table, you'll have 2.5' on each side. A 30" wide rectangle would be even better.

To Natasha Assa: It probably would be easier to get chairs that fit. I do not understand what you mean by the 15 inches versus the normal 12 inches. Are you referring to the distance from the floor to the seat of the chair? Also, when I read your post earlier, I thought you were concerned about changing from a rectangular table to a round one, and other posters expressed their opinion that the space was too narrow for a round table. That is why I suggested moving the rectangular table toward the window and using it as a "library" table.

How many people use this dining table on a daily basis? Could you post more photos of your room? Maybe we can find ideas to change the layout of your furniture and make the dining area a bit larger? Another idea could be to have a fixed bench along the window wall, which will take up less space than dining chairs.

What I meant by 15" distance us the space between the seat of the chair and the top of the table. Normally it would not exceed 12" to be comfortable. So if a table is 30" tall, the seat of the chair should be 18" above the floor to achieve the correct fit with the table. A lot of times this is not the case and buyers find this out when the furniture is already in the house. This was certainly our case. So I am looking for a narrow table with no more than 36" W which is a very rare find. Most dining sets are in the 40-42-44" W category. The only one I found is too "kitcheny" looking. So I thought of a round one in 48" D. Currently we have a 42" glass table standing there and everybody loves it! That's why it occurred to me that 48" D round table could accommodate more people and not be too big for the space. Still undecided. The photo below is of the 36" W table, the only one on Wayfair and Overstock. Can you believe it?

At the moment I don't have a good shot of the living room/dining room combination. But this one at least gives you some sense of what's there. Which is a long narrow space 13.5' X 24' with a large bank of windows on one side for the dining area and a roughly 12' of space in the middle for living area. There is really not much that can be done to re-arrange furniture cuz it would cause imbalance in the room. But I am willing to hear your ideas, so bring it on, please. Thank you.

So here is another 48" round candidate.

Yes, I did think about the set with four chairs and a bench. But then assuming the bench is 18" W it would require at least 12" space to pass by, so the total of 30" is not much of an improvement upon the preferred standard of 36". I could see the bench at the front of the table (not at the back), so one can approach it from the living area more easily. In this case the total width with existing set would be 42"W table + 36" at the back for the chairs + 30" at the front for the bench, or 108", which exceeds my 96" by a whole foot. So back to square one. Looking for either a slim rectangular table of 36"W or for a round one in 48" D. The round table is easier for TV viewing, and so this is an attraction there.

In love with this set, but it's again 42"W. But beautiful.

Right size, cheap quality. 36W X 60L

Right size, wrong kinda style. Looks more like apartment type dinette.

http://www.houzz.com/photos/products/36-x-60-dining-table

Here's a 48" round table in your space and a rectangular 36"x 60" one. You could fold a sheet so it's 48" round, lay it on the floor and put your chairs around it to test it out.

Lovely flexible set. Could be 42"W x 60"L or 60"D round, or 46"W X 46" L square. Nice design, three options, fear none would work in the space.

@carolins, awesome. Thank you! I will do that with a sheet. At the very least we gotta lay it to rest.

Finally getting somewhere. 35.5W x 60"L table in a fresh mid-cen. Modern update.

It is so easy to cut down the legs why not do it yourself. Just use tape to indicate the amount to be cut off and use a jigsaw with a new blade (the hardware store can advise on the right type of blade to use). If you are getting rid of the table anyway, what do you have to lose. But maybe you are just ready for a new look.

Good luck and keep us posted :-)