Reducing bathrooms from 4 to 3 1/2

Oxymoronic: I don't think it's possible to answer the question without seeing the floorplan, or at least knowing more about the position of that bathroom. If it's in a location where nobody is likely to ever take a bath or shower, converting it to a powder room is probably fine.

If you're concerned, trade the tub for a stall shower and it remains a "full" bath but you get a closet too, though smaller?

What neighborhood is this in?

Who lives in the place?

Do whatever works for you. You don't discuss the adequacy of your closet space, but for a family of four or more I can definitely see the value of extra storage. Three showers is definitely enough for up to six people. Easy for five.

Do you want a bathroom or a cupboard? There's your answer. Otherwise anyone who can afford a 4 bathroom apartment who worries about the impact of a bathtub on future resale value might be considered a bit of a...hmmm, whats the word.....? Oh nevermind.

From a functionality standpoint, your primary consideration should be what you really need for your household today. After that, it is definitely about protecting value in the resale, but that comes later, since I assume you'll be living there for a while (since you're going through the trouble of renovating!)
I see no need for a bath/shower near your entertaining space. A powder room is much more valuable in both near/long term. The storage seems more important to you and obviously is something that is lacking in a 4 BR apartment, so I'd go for it.
Most importantly in a family-sized apartment, is there a washer/dryer? To me, that would trump all. I'd make the full bath a powder room with washer/dryer/storage, which boosts the value of the home in every scenario.

One of our 4 baths was converted to a full sized laundry room. Far better us of space for us.

"I see no need for a bath/shower near your entertaining space."

Until YOU get a guest who shits himself. Then that shower comes in darn handy.

Matthew entertains "uptown style".