Glorious Murphy Beds! Yes, they're easy to operate -- the trouble is the nice-looking ones aren't cheap. We spent $8K on ours at the Murphy Bed Center at 20 West 23rd. (Sorry, no web site). We got a paintable wood front, which looks way nicer than laminate, and a lot of fancy shelving. Or ask for our friend Deborah at Mahattan Cabinetry.com If you want to go way cheaper, you can order a bed from Canada, but make sure you're handy enough to install it yourself.
Another popular solution is using temporary walls . You can use these to divide an L-shaped space into three rooms. Just make sure you're aware of local fire codes.