
                                                                     EXHIBIT 5.1



                             BKF Capital Group, Inc.
                              One Rockefeller Plaza
                            New York, New York 10020



                                                               December 13, 2001


BKF Capital Group, Inc.
One Rockefeller Plaza
New York, New York 10020

Dear Sirs:

                  I am familiar with the BKF Capital Group, Inc. 1998 Incentive
Compensation Plan (the "Plan") under which an aggregate of 3,300,000 shares of
common stock, par value $1.00 per share (the "Common Stock"), of BKF Capital
Group, Inc., a Delaware corporation (the "Company"), have been authorized for
issuance. I have acted as counsel to the Company in connection with the
preparation and filing with the Securities and Exchange Commission under the
Securities Act of 1933, as amended (the "Act"), of a Registration Statement on
Form S-8 (the "Registration Statement") with respect to the registration under
the Act of 2,000,000 shares of Common Stock and the associated common share
purchase rights (the "Shares"). In this connection, I have examined such
records, documents and proceedings, as I have deemed relevant and necessary as a
basis for the opinion expressed herein.

                  Based upon the foregoing, I am of the opinion that the Shares
have been duly authorized for issuance by all proper corporate action and, when
such Shares are issued in accordance with the terms of the Plan and any
conditions or restrictions relating thereto shall have been satisfied, such
Shares will be legally issued, fully paid and non-assessable.

                  I hereby consent to the filing of this opinion as an Exhibit
to the Registration Statement.


                                                Very truly yours,

                                                /s/ Norris Nissim
                                                -----------------
                                                Norris Nissim
                                                Vice President, General
                                                Counsel and Secretary


