Wow tough room to layout. I hope some of the PROS come along to help you. Really not a good wall for the TV. That sofa looks too modern and deep for your room. A sofa and chairs are usually better choice than a loveseat, not many want to sit so close on a loveseat. How many would you like to seat?

When I think cozy, black & brown don't come to mind. Maybe a sage green for the sofa.

Thanks for the advice. Ideally it would be great to have at least seven adults seated comfortably.

Take a photo of the other "corner"

Depending on what is there, you could hang the TV on the wall, where bookcase is, using an articulating mount that allows TV to be pulled out and angled for better viewing.

At first glance ...

C= two chairs

circles= round side tables w/lamps

CT = coffee table or ottoman w/tray(s) or 2 coffee tables to make a larger one

TV = tv on wall with a good quality articulating mount.

You might even have the room to have 2 stools under the right window for extra seating.

I would also get rid of the gray-blue wall color that doesn't do anything for the wood and carpet colors you have in the space.

White trim is classic, and never "out". I agree with chispa about the wall color. Adding window treatments would soften the look of them, and make your room look cozier. Also, think about some other color besides brown for your room furnishings. Right now, when I look at your room all I see is brown, which doesn't say cozy to me. Find some inspiration pics of living rooms that have the look you're going for. Good luck!

Here is what it looks like with just changing color of walls, wood trim, sofas, adding floor length drapes and a plant

Thank you @chispa @woodrose77 and @Fran Gil for input. Wow, it's incredible to see the difference painting the trim and changing the walls would make. That needs to go up on our priority list! Regarding the layout suggestion, I will upload a photo of the other "corner" tomorrow when I have better light, but I don't know if that will work. It may be hard to tell, but this is an open concept space, so it flows right into our dining room behind the loveseat. I think having the TV mounted there might look awkward.

I also really like the idea of window treatments as pictured here. We have not added blinds since we have ended up really liking the view, but framing the windows is a very nice effect and definitely softens it.

Would you have to mount the tv? Why not move the entire tv and cabinet to the bookcase wall.

How do you use the long sofa? Do three adults actually sit on it? Or is it used for one person stretching out on, maybe their feet on someone’s lap? (We will likely change out our three-cushion sofa for a two-cushion.)

How about flipping the room by replacing the spindles and bannister with a pony wall and mount the tv on the pony wall. Instead of book shelves as shown in the photo, just keep a flat surface on which to mount the tv

@chispa Here is a photo of the other "side" of the room:

@bpath Good insight regarding the long sofa. It is mostly two of us (or one of us). I will keep that in mind with cushion layout.

@Fran Gil Woah, had not thought of replacing spindles with a pony wall! That's actually a really compelling solution... I know a carpenter, so maybe I will ask him to quote me what that would look like, and see if he could also do something to cover the other spindles with something more sleek and modern. Then perhaps prioritize painting trim. Do you think it would work to keep the TV console rather than mount the TV? I only ask since we use the drawers for media-related storage currently, and we do have some tech underneath (Blu Ray and power strip).

I think your current TV console with TV placed on top would require the pony wall to be too tall. Perhaps if you go this route, you could have some shelves built on the side of the mounted tv for components as shown in the picture. Or you could just get a much shorter storage unit for under the TV. I wouldn’t want to wall to be taller than a ft or so than the current spindles and bannister.

The t v is the elephant and it is in the living room. You have easy access to lower level, so take it and the the sofa/loveseat to the family room. My rule for the 57 years we have been married, is never, ever will a t v be in the living room. It is the most public room in the house, and the t v dominates the arrangement of furniture.