A bookcase? Extra storage? Console table w/ baskets underneath for blankets and pillows....

Rest of the room for reference

I would look for a wood stained chest of drawers/dresser the same length as the opening, and as tall as possible to still fit under the TV. Then paint the alcove a deeper color to help it all disappear. I would also move the square painting on the wall next to the tv, and either leave that wall empty or use 3 smaller pieces of art running vertically.

hows It?

I also suspect Beverly may be right that the TV is mounted a bit high. That just doesn't look to be eye level for the furniture there. Is there some purpose we can't see for doing that? If it were lower you might have better luck finding a console or cabinet that fits the space.

how wide is that niche? what is the measurement from the bottom of the television to the ground (If it's staying that height?)

52.5" wide with and 39" to bottom of TV

As for the TV height... I would rather keep it in place as it would be very costly to lower

You need a console for under the tv, possible even a small quirky bookshelves. That would make it look great, and it will help the tv to not look like it is floating.

I'm for painting out the inside of the niche a charcoal color to appear to make the TV disappear.

I have a fairly similar situation...I plan on buying an antique buffet or dresser (I need the storage)and purchasing a Mantel Mount-it's a tv mount that extends and lowers so that the TV will be at the correct height and will extend over the buffet. Good luck!

A piece with hidden storage perhaps.

Product in Inches (L x W x H):40.512 x 20.079 x 21.575