It is so rewarding to live in an architecturally significant building, at the same time there can also be many challenges when it comes to remodeling an apartment in this type of a buildings.
If you live in a Co-op, your vision needs to be approved by the board. Historic buildings set guidelines which can skew what you can do to the space, ultimately it's to protect the integrity of the building. Any size construction or furniture selection could be tricky due to the size of the elevator and time frames when you can use it (most likely you have to reserve the elevator ahead of time).
Suze Yalof Shwartz who is a Glamour magazine editor and an author of a fantastic blog Dwellers without decorators has taken on a big project of this sort. Of course the end result of her New York apartment is spectacular and glamorous.
Suze lives with her husband and children, therefore it was important for her to not only make the space be beautiful but practical and "hosable" as she calls it. :) Many of the finishes and fabrics are chosen with the thought of spillage and the ease of cleaning it right up. Take a look at this fantastic space which was photographed by the talented Dan Hallman. I adore the freshness of all the white, bright pops of colors, clean lines yet many updated traditional elements.
Suze's sources include: Madeleine Weinrib, Jonathan Adler, Crate and Barrel, William Sonoma Home, Pottery Barn, Pottery Barn Kids, Props Display Interiors, Pieces, Custom Resource, Container Store, Quadrille, Fabrite, Ilevel, Restoration Hardware, Ikea, Nespresso, World Market, J& J uphostery, by george, Public Color, David Rockwell, Elegant Touch