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                                                                  EXHIBIT (A)(7)

               BKF CAPITAL GROUP, INC. ANNOUNCES EQUITY GRANT TO
                      JOHN A. LEVIN & CO., INC. EMPLOYEES

     BKF Capital Group has made an equity grant of 450,768 restricted stock
units to senior employees of the firm's asset management subsidiary, John A.
Levin & Co. Inc. The restricted stock units will generally vest and be delivered
no earlier than three years from the date of grant. Certain executive officers
of the Company are expected to receive restricted stock units in the first
quarter of 2003, raising the amount of the combined grants to 594,373 restricted
stock units. Based on BKF's closing stock price of $18.75 on the date of grant,
the grant will result in compensation expense of approximately $11.1 million to
be recognized from the date of grant through December 3, 2005.

     In addition, BKF has made an offer to its eligible employees to exchange an
aggregate of up to 333,308 options granted in December 2001 in exchange for
111,103 restricted stock units. The exchange rate is based on the fair market
value of the options to be tendered. The restricted stock units will be subject
to vesting in equal amounts at December 31, 2003 and December 31, 2004 and
generally will be delivered no earlier than December 31, 2004. BKF will record a
compensation expense currently estimated to be approximately $2.1 million over
the vesting period of the restricted stock units.

     John A. Levin, Chairman and Chief Executive Officer, highlighted the fact
that "in the asset management industry, strong companies require significant
employee ownership. We believe this step is needed to solidify the business and
allow us to continue pursuing our strategic agenda."

     "We believe it is essential to make investments in the professionals of the
firm, who build the client loyalty that is the foundation of our business"
stated Gregory T. Rogers, Executive Vice President and Chief Operating Officer.

     As of November 30, 2002, John A. Levin & Co. had approximately $12 billion
in assets under management.

                                   * * * * *

     BKF has filed a tender offer statement and may file other relevant
documents concerning the tender offer with the Securities and Exchange
Commission. Employees eligible to participate in the tender offer are urged to
read the tender offer statement (including the offer to purchase, letter of
transmittal and related tender offer documents) and any other documents filed
with the SEC because they contain important information on the tender offer.
Eligible employees may obtain these documents free of charge at the SEC's
website (www.sec.gov). Please call the SEC at 1-800-SEC-0330 for further
information about the public reference room. In addition, documents filed with
the SEC by BKF may be obtained free of charge by contacting BKF Capital Group,
Inc., Attn: Investor Relations (tel: (212) 332-8400). Eligible employees should
read the tender offer statement carefully before making any decision with
respect to the tender offer.

                                   * * * * *

     This press release contains certain statements that are not historical
facts, including, most importantly, information concerning possible or assumed
future results of operations of BKF and statements preceded by, followed by or
that include the words "may," "believes," "expects," "anticipates," or the
negation thereof, or similar expressions, which constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995 (the "Reform Act"). For those statements, BKF claims the protection of
the safe harbor for forward-looking statements contained in the Reform Act.
These forward-looking statements are based on BKF's current expectations and are
susceptible to a number of risks, uncertainties and other factors, and BKF's
actual results, performance and achievements may differ materially from any
future results, performance or achievements expressed or implied by such
forward-looking statements. Such factors include the following: retention and
ability of qualified personnel; the performance of
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the securities markets and of value stocks in particular; the investment
performance of client accounts; the retention of significant client and/or
distribution relationships; competition; the existence or absence of adverse
publicity; changes in business strategy; quality of management; availability,
terms and deployment of capital; business abilities and judgment of personnel;
labor and employee benefit costs; changes in, or failure to comply with,
government regulations; the costs and other effects of legal and administrative
proceedings; and other risks and uncertainties referred to in this document and
in BKF's other current and periodic filings with the Securities and Exchange
Commission, all of which are difficult or impossible to predict accurately and
many of which are beyond BKF's control. BKF will not undertake and specifically
declines any obligation to publicly release the result of any revisions which
may be made to any forward-looking statements to reflect events or circumstances
after the date of such statements or to reflect the occurrence of anticipated or
unanticipated events. In addition, it is BKF's policy generally not to make any
specific projections as to future earnings, and BKF does not endorse any
projections regarding future performance that may be made by third parties.

