<PAGE>

                                                                  EXHIBIT (A)(4)

                           ELECTION WITHDRAWAL NOTICE

Instructions:

     If you previously elected to accept BKF Capital Group, Inc.'s Offer to
Exchange eligible options for shares of deferred stock, also referred to as
restricted stock units, and you would like to withdraw your election and reject
the offer completely, you must FULLY COMPLETE and SIGN this Notice and return it
to Norris Nissim, BKF Capital Group, Inc., One Rockefeller Plaza, New York, New
York, 10020; either in person or by mail, but in the same manner in which you
delivered the Letter of Transmittal and Deferred Stock Award Agreement before
11:59 p.m., Eastern Standard Time, on January 10, 2003, unless we extend the
offer. If you have questions, please contact Norris Nissim at (212) 332-8437 or
Glenn Aigen at (212) 332-8460. Capitalized terms used and not defined herein
have the meaning ascribed to such terms in the Offer to Exchange. If you wish to
make a new election upon or after you withdraw your current election, you must
also submit a new Letter of Transmittal and Deferred Stock Award Agreement.
Additional copies of the Letter of Transmittal and Deferred Stock Award
Agreement are available from Norris Nissim at the phone number above.

To BKF Capital Group, Inc.:

     I previously received a copy of the Offer to Exchange (dated December 11,
2002) and the related Letter of Transmittal and Deferred Stock Award Agreement.
I signed and returned the Letter of Transmittal and Deferred Stock Award
Agreement, in which I elected to accept BKF Capital Group, Inc.'s Offer to
Exchange all of my eligible options for restricted stock units. I now wish to
withdraw that election in its entirety. I understand that by signing this Notice
and delivering it to Norris Nissim, I will be able to withdraw my acceptance of
the offer and reject the offer to exchange options. I have read and understand
all of the terms and conditions of the Offer to Exchange.

     I understand that in order to withdraw my election, I must sign and deliver
this Notice to Norris Nissim, BKF Capital Group, Inc., One Rockefeller Plaza,
New York, New York, 10020; either in person or by mail before 11:59 p.m.,
Eastern Standard Time, on January 10, 2003, or if BKF Capital Group, Inc.
extends the deadline to exchange options, before the expiration of the extended
offer.

     By rejecting the Offer to Exchange options, I understand that I will not
receive any restricted stock units in exchange for the eligible options the
tender of which I am now withdrawing, and I will keep all of my eligible options
which are listed on Exhibit A to my Letter of Transmittal. These eligible
options will continue to be governed by the Plan and relevant option
agreement(s) between BKF Capital Group, Inc. and me.

     I understand that if I later wish to elect to accept the offer in respect
of all of my eligible options, I must fully complete, sign, date and return a
new Letter of Transmittal and Deferred Stock Award by Agreement to Norris Nissim
before 11:59 p.m., Eastern Standard Time, on January 10, 2003.

     I have completed and signed this Notice exactly as my name appears on my
original Letter of Transmittal and Deferred Stock Award Agreement.

     I withdraw my election to exchange eligible options.

Date:
                                          --------------------------------------
                                          Signature

                                          Name: ------------------------
                                                      (Please Print)

                                          Social Security
                                          Number: ------------------------

