A one bed would definitely be of greater value than a studio. Academically a 2 bed would be more valuable than a one but with the measurements you gave I agree with Eugene. You probably want to keep it a 1 bedroom.
There are several other factors to take into account.
As Jim asked, what are you going to do with it? Sell or rent.
As Ronald mentioned would it be worth the increase to a buyer/renter vs the cost of the renovation.
Other factors include the type of building. Most properties I've dealt with in the East Village were walk ups. If this is a high floor, I've found that couples with a child don't want to do the hike with a stroller.
I've seen a lot of lack of closet space in the East Village. If you add a second bedroom, will there be adequate storage space for 2 people.
You also have to consider if you can legally do the renovation to a 2 bed. Certain factors such as where a door is and egress width become a factor. These can be things that are legal when existing but need to be brought to ADA code if renovated.
If you can do the work one suggestion would be to create the floor plan and you could always market as a convertible and make the work part of signing a contract or lease.
Feel free to contact via Trulia/email/phone if you would like some assistance or have any additional questions.
Prudential Douglas Elliman
NY, NY, 10023