Below is my initial idea for the floorplan of the basement.  Some things may need to be tweaked, as it's hard for me to place larger pieces on paper, but overall I think this gives you the best use of the space and squeezes the most in.

I moved the couch over to the wall just to open up the living area to the back bar area and create flow between the two spaces.  I would then kind of float the leather chair in the center but angled toward the seating area/fireplace. I think you could use that old wood chest as a coffee table in front of the couch too. Behind the sitting area, I would place a long table (either counter/bar height, or it could be just regular dining table height too).  This would give you extra seating space and a good area to serve food, play games, etc.  This might be something you build or repurpose another piece of furniture for pretty easily! Depending on the height you could place a bunch of chairs or benches around it or barstools if it is higher.  In the far back of the room I would place your bar (floating in the center) with some shelving or cabinets behind it.  I would use the little nook with the lower ceiling on the back corner of the room for maybe a fridge, wine rack, or extra shelving/storage.  See some inspiration/photo examples of my ideas below:

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(Above) An example of a couch up against a wall in a more narrow basement and open to the back area with additional seating.

A more complicated bar design as far as shape, but I like the overall style with the reclaimed wood, the placement of the tv, and how the wood wraps around and frames out the fridge too.

I think a wine rack like this would be a neat way to fill in that corner nook with the lower ceiling in the back right side of the room.  This is also an example of a bar space if you wanted to try something flat against the wall instead of floating in the center of the room.

Super simple design with a reclaimed top and vertical wood planks on the bottom.  I also like the reclaimed wood used for the shelving behind the bar, the mirror, and lighting.

Another bar design that incorporates some metal accent panels.  Click here for DIY instructions.

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I also really like this more farmhouse look with a metal top (click here for instructions).

A super simple design for a bar up against the wall with shelving using plumbing pipe and reclaimed wood.

I also really like this simple set-up- you could use any kind of furniture piece for the base, add crates for shelving and a few floating shelves.

Another metal + relcaimed wood bar design

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Bourbon barrels (see above + below) are another option for making a quick and easy bar.  I also really like how they stack those crates above and added them to the wall for shelving (and the lights they added!).

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I really like how they separated/highlighted this area with the white wood planks on the wall and the cute decor.  You could DIY this set-up with some old kitchen cabinets from Restore, painted, and add wood tops (you could even add the industrial pipe details like they did above).  I really like the placement of the tv too and how they added those industrial shelves around it.

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Finally, I love the idea of a big gathering type table in the center of the room, whether it be a higher counter-height table or just a regular re-purposed/refinished dining table.  Above is just one example of what I'm picturing as far as placement in the room and overall style.

1. Add simple curtains to window (one panel on each side).

2. Maybe add some side tables/coffee table or ottoman?

3. Create focal wall or gallery wall on the wall above the couch.

4. Use a little more modern decor in here- more rustic/cozy in the other living space off of kitchen.

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1. coffee table or ottoman?

2. add a rug to center the room.

3. Add curtains to windows on each side of fireplace- one curtain on each window (see photo below for example- just for the curtains not the rest of the decor!).

4. simple mantle decor and baskets/storage for beside fireplace or on ledge

5. maybe painting/distressing the mantle?

6. updating the ceiling fan/ light fixture?

1. Add open shelving above the furniture piece in there for all your barware

2. Update light fixture and perhaps center it over the table?

3. Possibly rearrange the furniture- I'd like to try a few things before deciding on final placement. Maybe switching the table/buffet to opposite walls or creating a little corner dining nook or adding a bench to one side of the table- see some ideas below.

4. Rug for under dining table.