A guy should start with a nice large leather couch!

Go to Browse Rooms, then put in Warehouse. You can then even select styles like modern, rustic, or contemporary. I like this one...

Industrial Living Room by New York Interior Designers & Decorators Marie Burgos Design

I meant this one:
[houzz=]

Couch and a nice rug. Wide stripes, Classic Persian, solid, Navajo, etc. for rugs. Great place! There are so many directions you can go. Definitely search Houzz and build up you ideabooks for styles you like. Reading through the featured ideabooks are great help too. You can look up all the styles in the featured ideabooks and get a feel for which direction to go. Industrial and vintage modern would be my pick in this space. But since it's yours have fun with it and do what you like. Oh, and show us the progress! :)

Young man, find ONE thing that you REALLY love, be it a rug, a chair or a bookcase, then go from there.

Great(!) place! I agree with all. I say pick a rug you like rustic, Navajo, or modern and play off the juxtaposition of your furnishings and the space. Your groundwork's been laid before you so go have fun!! Rustic or modern vintage are my picks. Make sure to throw some industrial here or there. Unique Lighting gives you the most design bang for your buck. Make it big and fun! Good luck. I'd like to see this space when you've finished!!

Thanks everyone! I originally wanted to start off with a dark colored, leather couch but I'm pretty much shying away from that idea now...I figure I should keep it lighter and brighter? Right? Ugh, I'm such a novice...I'll be sure to keep everybody updated as I get stuff!

Are you sure you don't want black lounges??? Looks good!
http://houzz.com/photos/29636

Cool chairs. Are they yours? If so, I would definitely incorporate them for a fun eclectic, colourful touch. And try to find a really big comfy couch. If you have an Ikea near you, look at their Kivik sectional/sofa. That could be a good option for you. Or browse second hand shops and eBay for furniture. They do sometimes have 50's sofas, great quality, back into fashion now.
http://www.ikea.com/us/en/catalog/products/S79875239/#/S29005375

But yeah, my first thought was a big, brown leather sofa too. Seems to fit an industrial space.

Ikea is also good for lamps
http://www.ikea.com/us/en/catalog/products/40216531/
http://www.ikea.com/us/en/catalog/products/00155006/

And for rugs:

But nice things are also to be found at Westelm, Pier1, Homedecorators, Overstock...

Go dark brown or black on the sofa, I'd get a sectional as you have a great space, choose a color scheme like black, white, grey and then sth that pops like turquoise, dark purple, wine, etc.... work through it slowly, piece by piece. I'd love to see it finished, good luck!

Stay away from a sectional, can be very hard to decorate around. Try to think past what everyone else has done and overdone. I agree with your thought to get a lighter sofa. Go to a good furniture store and look at their displays. Pick out a sofa and then you can build as you have the funds. If you can afford to go for the whole package get a sofa, two matching chairs, coffee table, end tables and lamps. A rug would be good too.

Look at Mitchell Gold + Bob Williams for interesting pieces like the two below.

Big art on the walls--check etsy.com and add some big live trees--palms and ficus.

great space lil10isman. can you take a few more photos and post? what is the kitchen area like?

Here are some pieces from etsy. Don't shy away from really big paintings.

Vintage posters are fun and give great inspiration for colors. Wine, food and travel or movie posters.

Rug ideas.

Your place would be great for architectural pieces. Think about larger pieces of furniture rather than undersized.

Thank you all so much for your wonderful ideas. I'll upload more pictures of the place from different angles later today!

We are all thrilled to give a young man design ideas! It looks like you play the piano.???? A vintage piano or black enamel style would be a piece you could keep forever. Those are the two pieces I would start with a nice large couch (not sectional) and a piano. Two good investments!

Check out the sofas from Bryght

http://www.bryght.com/browse/1/sofas

Here are some of my favorites that I think would look great in your loft

1. Ceni sofa & lounge chair in coral
2. The Helsinki 4 piece sectional
3. Acura sofa

I don't really understand why people have such an aversion to sectionals. They can be great. Especially in a large room, or even in a very small room. Sometimes they are the best solution. Sometimes they are really not that good a choice for a room.
I think your room can handle a sectional or two sofas or a sofa and two chairs. Whatever you prefer :-)