SECURITIES AND EXCHANGE COMMISSION

		Washington, D.C. 20549

	       FORM 10-Q

		  QUARTERLY REPORT UNDER SECTION 13 OR 15 (d)
		 OF THE SECURITIES EXCHANGE ACT OF 1934



For Quarter Ended  April 30, 1997    Commission File Number 1-4183



	    CHOCK FULL O' NUTS CORPORATION                        
(Exact Name of Registrant As Specified In Its Charter)



	New York                                         13-0697025       
   (State or Other Jurisdiction of            (I.R.S. Employer
    Incorporation or Organization)             Identification No.)



   370 Lexington Avenue, New York, N.Y.                10017           
 (Address of Principal Executive Offices)             (Zip Code)


Registrant's Telephone Number,including Area Code   (212) 532-0300           
   Indicate by check mark whether the registrant (1)
   has filed all reports required to be filed by Section
   13 or 15 (d) of the Securities Exchange Act of 1934
   during the preceding 12 months (or for such shorter
   period that the registrant was required to file such
   reports), and (2) has been subject to such filing
   requirements for the past 90 days.

							  Yes   X       No  



No. of Shares of Common Stock ($.25 par value) outstanding as of 
June 13, 1997 - 10,735,546



	
	CHOCK FULL O' NUTS CORPORATION AND SUBSIDIARIES

	INDEX

								Page No.
PART I.  FINANCIAL INFORMATION

Item 1. Financial Statements

Unaudited Condensed Consolidated Balance Sheets -
  April 30, 1997 and July 31, 1996                              1 & 2 of 12
Unaudited Condensed Consolidated Statements of Operations-
  Three Months Ended April 30, 1997 and 1996                        3 of 12
Unaudited Condensed Consolidated Statements of Operations-
  Nine Months Ended April 30, 1997 and 1996                         4 of 12
Unaudited Condensed Consolidated Statements of Cash Flows -
  Nine Months Ended April 30, 1997 and 1996                         5 of 12
Unaudited Condensed Consolidated Statement of Stockholders' 
Equity - April 30, 1997                                         6 & 7 of 12
Notes to Unaudited Condensed Consolidated Financial 
  Statements - April 30, 1997                                   8 & 9 of 12

Item 2. Management's Discussion and Analysis of 
  Financial Condition and Results of Operations               10 & 11 of 12


PART II.  OTHER INFORMATION

Item 1. Legal Proceedings                                          11 of 12
	
Item 5. Other Information                                          11 of 12

Item 6. Exhibits and Reports on Form 8-K                           11 of 12

Signatures                                                         12 of 12


	PART I. FINANCIAL INFORMATION
	CHOCK FULL O' NUTS CORPORATION AND SUBSIDIARIES
	CONDENSED CONSOLIDATED BALANCE SHEETS
		
					 April 30,     July 31,
					   1997          1996
					(Unaudited)     (Note)

ASSETS
Current assets:
	
  Cash and cash equivalents             $ 16,227,370    $ 16,293,783

  Receivables, principally                                 
   trade, less allowances
   for doubtful accounts and
   discounts of $1,236,000                              
   and $1,133,000                         35,974,725      30,989,008

  Inventories                             71,374,113      59,637,802

  Investments in marketable securities, 
   at market (approximates cost)             171,588         128,099
						       
  Prepaid expenses and other               2,264,295       3,539,776
	
	Total current assets             126,012,091     110,588,468    

Property, plant and 
 equipment - at cost                     $99,134,615    $ 93,683,328

  Less allowances for
   depreciation and
   amortization                           49,624,616     (45,172,084)   
					 (49,509,999)     48,511,244
Real estate held for 
 development or sale, at cost              7,649,387       7,691,267       
Other assets and deferred charges         24,720,118      26,976,132

Excess of cost over net
 assets acquired                           9,642,576       5,668,008 
					$217,648,788    $199,435,119


Note:   The balance sheet at July 31, 1996 has been derived from the audited 
financial statements at that date.

See notes to unaudited condensed consolidated financial statements.


CHOCK FULL O' NUTS CORPORATION AND SUBSIDIARIES
 CONDENSED CONSOLIDATED BALANCE SHEETS

					   April 30,       July 31,
					     1997            1996
					  (Unaudited)       (Note)

LIABILITIES AND STOCKHOLDERS'
EQUITY

Current Liabilities:
  
  Current portion of long-term debt     $   766,000
  
  Accounts payable                       19,831,100     $ 10,469,300

  Accrued expenses                        9,102,019       11,346,483      

  Income taxes                            3,700,494        1,719,575
	
     Total current liabilities           33,399,613       23,535,358

Long-term debt, excluding current
 portion                                106,131,614      105,235,468

Other non-current liabilities             3,221,066        1,586,231

Deferred income taxes                     5,591,000        5,591,000

Stockholders' equity:
  Common stock, par value $.25 
    per share;
    Authorized 50,000,000 shares:
    Issued 11,211,068 shares              2,802,767        2,802,767
    Additional paid-in-capital           51,357,008       51,357,008
    Retained earnings                    22,869,835       17,434,755
    Cost of 475,522 shares in
     treasury                            (6,573,719)      (6,573,719)
    Deferred compensation under
      stock bonus plan and 
      employees' stock ownership
      plan                               (1,150,396)      (1,533,749)
Total stockholders' equity               69,305,495       63,487,062    
				       $217,648,788     $199,435,119


Note:   The balance sheet at July 31, 1996 has been derived from the audited 
financial statements at that date.

See notes to unaudited condensed consolidated financial statements.

	CHOCK FULL O' NUTS CORPORATION AND SUBSIDIARIES
	 
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
						       

				  Three Months Ended April 30,
				     1997            1996
Revenues:
  Net sales                     $ 95,305,553      $ 85,616,717  
  Rentals from real estate           523,218           513,299
				  
				  95,828,771        86,130,016
		   
Cost and expenses:                                                       
  Cost of sales                   66,195,704        60,558,257 
  Selling, general and
    administrative expenses       23,588,807        20,976,446
  Expenses of real estate            410,940           394,565
				  90,195,451        81,929,268  
  Operating profit                 5,633,320         4,200,748           
Interest income                      258,191           226,898

Interest expense                  (2,131,045)       (2,148,818) 

Other income - net                     4,565            25,955

    Income before income taxes     3,765,031         2,304,783           
									
Income taxes                       1,529,000           844,000  
    Income from continuing
    operations                     2,236,031         1,460,783 
Discontinued operations, 
  net of income tax                                                
  credits of $253,000                                 (492,433)
    Net income                    $2,236,031        $  968,350
 
Income/(loss) per share:                                        
    Primary:                                                 
       Continuing operations            $.21              $.14 
       Discontinued operations                            (.05)
	 Net income                     $.21              $.09  
       
    Fully diluted:    
       Continuing operations            $.15              $.10
       Discontinued operations                            (.02) 
	 Net income                     $.15              $.08
								 
See notes to unaudited condensed consolidated financial statements.


CHOCK FULL O' NUTS CORPORATION AND SUBSIDIARIES

	   UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS


				    Nine Months Ended April 30, 
				       1997            1996
Revenues:
  Net sales                       $262,124,553     $245,232,097 
  Rentals from real estate           1,571,071        1,641,756
				   263,695,624      246,873,853
		   
Cost and expenses:                                                       
  Cost of sales                    183,806,140      175,608,382 
  Selling, general an
    administrative expenses         63,944,363       57,940,337 
  Expenses of real estate            1,279,417        1,145,992
				   249,029,920      234,694,711          
    Operating profit                14,665,704       12,179,142          
Interest income                        936,781          642,042

Interest expense                    (6,397,452)      (6,649,676) 

Other income - net                      23,047          515,038

    Income before income taxes       9,228,080        6,686,546          
									
Income taxes                         3,793,000        2,483,000     
  Income from continuing operations  5,435,080        4,203,546 
Discontinued operations, net of
 income tax credits of $752,000                      (1,462,577)  
    Net income                      $5,435,080       $2,740,969
				
Income/(loss) per share:        
    Primary:                                                 
       Continuing operations              $.51             $.39
       Discontinued operations                             (.13) 
       Net income                         $.51             $.26    
  
    Fully diluted:
       Continuing operations              $.39             $.33
       Discontinued operations                             (.07) 
	 Net income                       $.39             $.26



See notes to unaudited condensed consolidated financial statements.
		
					 
CHOCK FULL O'NUTS CORPORATION AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

						Nine Months Ended April 30,
						  1997            1996
Operating Activities:
 Net income                                     $ 5,435,080        $ 2,740,969
 Adjustments to reconcile net income    
   to net cash provided by/(used in)
   operating activities:
  Depreciation and amortization of property,
   plant and equipment                            4,337,915          4,692,051
  Amortization of deferred compensation and
   deferred charges                               3,284,982          3,497,992
  Other, net                                       (779,405)        (1,319,045)
  Changes in operating assets and
    liabilities:(Increase)/decrease
    in accounts receivable                       (3,123,588)         1,491,586
    (Increase)/decrease in inventory            (10,382,605)         4,829,753
     Decrease in prepaid expenses                 1,376,278            934,877
     Increase/(decrease) in accounts
      payable, accrued
      expenses and income taxes                   6,127,539         (6,609,368)
NET CASH PROVIDED BY OPERATING 
ACTIVITIES                                        6,276,196         10,258,815
Investing Activities:
 Acquisition of business                         (5,746,230)
 Proceeds from sale and collection
 of principal of marketable
 securities                                                         55,588,251
 Purchases of marketable securities                 (43,489)       (49,557,703)
 Purchases of property, plant and 
  equipment                                      (3,575,210)        (6,969,394)
NET CASH (USED IN) INVESTING 
ACTIVITIES                                       (9,364,929)          (938,846)
Financing Activities:
 Proceeds/(payments)of long-term
  debt, net                                       1,662,146           (227,862)
 Proceeds from co-packer                          1,360,174             
 Loan to employees' stock ownership plan                              (500,000)
 Other                                                                 (13,147)
NET CASH PROVIDED BY (USED IN)                          
 FINANCING ACTIVITIES                             3,022,320           (741,009)
(Decrease)/increase in Cash and
 Cash Equivalents                                   (66,413)         8,578,960
 Cash and Cash Equivalents at 
Beginning of Period                              16,293,783          8,386,620
 Cash and Cash Equivalents 
 at End of Period                               $16,227,370        $16,965,580

See notes to unaudited condensed financial statements.


	     CHOCK FULL O'NUTS CORPORATION AND SUBSIDIARIES

	UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY


					Common Stock
				      Issued    In Treasury
				 Shares  Amount   Shares   Amount
					  In Thousands         

Balance at July 31, 1996         11,211  $2,803    476     $6,574
Net income 
Deferred compensation under stock
  bonus plan and employees' stock
  ownership plan:
    Amortization        
			
				      
Balance at April 30, 1997        11,211  $2,803    476     $6,574

				








See notes to unaudited condensed consolidated financial statements.

	 
6 of 12


	CHOCK FULL O' NUTS CORPORATION AND SUBSIDIARIES

	UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY

						 Deferred
				  Compensation
				   Under Stock
				  Bonus Plan and     Additional
				 Employees' Stock    Paid-In       Retained
				   Ownership Plan    Capital       Earnings
						     In Thousands           

Balance at July 31, 1996              $1,534          $51,357       $17,435
Net income                                                            5,435
Deferred compensation under stock
  bonus plan and employees'stock
  ownership plan:                       
    Amortization                         384               
					     
Balance at April 30, 1997             $1,150          $51,357       $22,870  





See notes to unaudited condensed consoliated financial statements.

							7 of 12

	CHOCK FULL O' NUTS CORPORATION AND SUBSIDIARIES
	NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

	April 30, 1997
(A)     The accompanying unaudited condensed consolidated financial statements 
	have been prepared in accordance with generally accepted accounting 
	principles for interim financial information and with the instructions
	to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not
	include all of the information and footnotes required by generally 
	accepted accounting principles for complete financial statements. In 
	the opinion of management, all adjustments (consisting of normal 
	recurring accruals) considered necessary for a fair presentation have 
	been included. Operating results for the three and nine months ended 
	April 30, 1997 and 1996 are not necessarily indicative of the results 
	that may be expected for a full fiscal year. For further information, 
	refer to the consolidated financial statements and footnotes thereto 
	included in the Company's annual report on Form  10-K for the year 
	ended July 31, 1996.

(B)     Primary per share data is based on the weighted average number of 
	common shares outstanding of 10,736,000 for the three and nine 
	months ended April 30, 1997 and 1996.  Fully diluted per share data, 
	assuming conversion of debentures, is based on 22,556,000 shares 
	outstanding for the three and nine months ended April 30, 1997 and 
	1996.  

(C)     Inventories are stated at the lower of cost (first-in, first-out) or 
	market. The components of inventory consist of the following:

				 April 30,      July 31,
				   1997           1996
	Finished goods         $42,968,077     $35,715,505
	Raw materials           22,697,385      18,931,470     
	Supplies                 5,708,651       4,990,827 
			       $71,374,113     $59,637,802

(D)     Under the Company's amended and restated revolving credit and term loan
	agreements (collectively the "Loan Agreements") with Fleet Bank, N.A. 
	and The Chase Manhattan Bank (the "Banks"), the Company may, from time 
	to time, borrow funds from the Banks, provided that the total principal
	amount of all such loans outstanding through December 31, 1997 may not 
	exceed $40,000,000 and after such date may not exceed $20,000,000.  
	Interest (8.25% at April 30, 1997) on all such loans is equal to prime 
	rate, subject to adjustment based on the level of loans outstanding. 
	Outstanding borrowings under the Loan Agreements may not exceed certain
	percentages of and are collateralized by, among other things, the trade
	accounts receivable and inventories, and substantially all of the 
	machinery and equipment and real estate of the Company and its 
	subsidiaries.  All loans made under the term loan agreement 
	($10,000,000 at April 30, 1997) are to be repaid in December 1999. 
	Outstanding loans under the revolving credit agreements are to be 
	repaid in December 1999. Pursuant to the terms of the Loan Agreements, 
	the Company and its subsidiaries, among other things, must maintain a 
	minimum net worth and meet ratio tests for liabilities to net worth and
	coverage of fixed charges and interest, all as defined. The Loan 
	Agreements also provide, among other things, for restrictions on 
	dividends (except for stock dividends) and require repayment of 
	outstanding loans with excess cash flow, as defined.

(E)     Prepaid expenses and other on the unaudited condensed consolidated 
	balance sheets includes deferred income taxes of $933,000.

(F)     On January 17, 1997, the Company acquired substantially all of the 
	assets and assumed substantially all of the liabilities of Ireland 
	Coffee & Tea Company, a leading roaster and distributor of coffees 
	to hotels, restaurants and institutions on the East Coast for 
	approximately $8,000,000.  The acquisition is being accounted for as 
	purchase. The excess of cost over net assets acquired (approximately 
	$4,100,000) is being amortized over a period of 40 years using the 
	straight-line method.  The pro forma effects on the Company's 
	operations as if this business had been acquired on August 1, 1995 
	are not material.

(G)     In February of 1997, the Financial Accounting Standards Board issued 
	Statement No. 128, "Earnings Per Share", which is required to be 
	adopted on December 31, 1997.  At that time, the Company will be
	required to change the method currently used to compute earnings per
	share and to restate all prior periods.  The Company believes adopt-
	tion of Statement No. 128 will not have a material impact on 
	earnings per share information currently presented.
							 
							 
							 9 of 12

	CHOCK FULL O' NUTS CORPORATION AND SUBSIDIARIES
	MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
	AND RESULTS OF OPERATIONS


Certain statements in the "Management's Discussion and Analysis of Financial 
Condition and Results of Operations" and elsewhere in this Form 10-Q 
constitute "forward-looking statements" within the meaning of the Reform Act. 
See Other Information Item 5.

Operations
	
	The following is Management's discussion and analysis of certain 
	significant factors that have affected the Company's continuing 
	operations during the periods included in the accompanying unaudited 
	condensed consolidated statements of operations.

	In January 1997, the Company acquired substantially all of the assets 
	and assumed substantially all of the liabilities of Ireland Coffee and 
	Tea Company ("Ireland") for $8,000,000.  The business of Ireland 
	consists of roasting and distributing coffees to hotels, restaurants 
	and institutions on the East Coast.

	Net sales increased $9,689,000 or 11.3% and $16,892,000 or 6.9% for the
	three and  nine months ended April 30, 1997, compared to the comparable
	periods of the prior year. The increase for the three months ended 
	April 30, 1997 in net sales was due to an 8% increase in coffee pounds 
	sold and an increase in the average selling price of coffee.  The 
	increase in net sales for the nine months ended April 30, 1997 was due 
	to 13% increase in coffee pounds sold, partially offset by a decrease 
	in the average selling price of coffee.

	Operating profits from food products were $5,521,000 and $14,374,000, 
	increases of 35% and 23% for the three and nine months ended April 30, 
	1997, respectively, compared to $4,082,000 and $11,683,000 for the 
	comparable periods of the prior year. The increases resulted primarily 
	from increased gross margins and the operations of Ireland from date of
	acquisition, partially offset by increased selling, general and 
	administrative expenses. Increased gross margins in the three months 
	ended April 30, 1997 were primarily due to increased coffee pounds sold
	and increased profits per pound related to the change in the 
	relationship between the selling price of coffee and the cost of green 
	coffee purchased.  During the three months ended April 30, 1997 prices 
	for green coffee ranged from a high of $2.20 to a low of $1.37 per 
	pound. Increased gross margins in the nine months ended April 30, 1997 
	were primarily due to increased coffee pounds sold as the per pound 
	profit of coffee sold remained fairly constant. During the nine months 
	ended April 30, 1997 prices for green coffee ranged from a high of 
	$2.20 to a low of $1.03 per pound. Selling, general and adminstrative 
	expenses increased primarily due to increased advertising, brokerage, 
	delivery and data processing costs and salaries. Certain of the 
	Company's selling expenses vary with the number of pounds sold, 
	therefore selling expense has increased in 1997 compared to 1996.    

	Income from continuing operations was $2,236,000 or $.21 per share and 
	$5,435,000 or $.51 per share for the three and nine months ended April 
	30, 1997, compared to $1,461,000 or $.14 per share and $4,204,000 or 
	$.39 per share for the comparable periods of the prior year. The 
	differences were primarily due to increased operating profits, 
	increased interest income (resulting from increased invested funds)and 
	reduced interest expense (resulting  from lower amounts of debt 
	outstanding), partially offset by increased income taxes. Increased 
	income taxes are primarily attributable to increased income before 
	income taxes. Net income for the 1997 periods are the same as the 
	results from continuing operations.  Net income for the 1996 periods 
	are net of a loss from discountinued operations of $492,000 or $.05 
	per share (three months) and $1,463,000 or $.13 per share (nine 
	months).




10 of 12

Liquidity and Capital Resources
 
   As of April 30, 1997, working capital was approximately $92,600,000 and 
   the ratio of current assets to current liabilities was approximately 3.8 
   to 1.

   As of April 30, 1997, the Company had unused borrowing capacity of 
   approximately $28 million under its credit facilities of $40 million with 
   Fleet Bank, N.A. and The Chase Manhattan Bank.

   Cash flow from operations for the 1997 period decreased to $6,276,000 
   compared to $10,259,000 for the comparable period of 1996, while net
   income for the 1997 period increased to $5,435,000 compared to 
   $2,741,000 for the comparable period for 1996.  The decrease in cash
   flow from operations related to higher levels of inventory and accounts
   receivable offset to some extent by higher accounts payable and income 
   tax payable.  The higher inventory, accounts receivable and payables 
   related to higher green coffee prices.

   Cash used in investing activities principally related to the acquisition of
   Ireland and property, plant and equipment purchases.  Cash provided by 
   financing activities related to proceeds of long-term debt to finance 
   working capital as well as the aformentioned acquisition and the collection
   of advances from a co-packer.

   The Company plans on expanding its Quikava, company operated and 
   franchised operations, which in total are currently operating in 16 
   locations. The sales ($2,554,000 - nine months)of these operations are 
   not material to the Company's consolidated sales. Total Quikava store 
   level operations are not currently profitable. In addition, Quikava 
   headquarters' expenses of approximately $1,400,000 on an annual basis are 
   not being absorbed.
	
   The Company believes that its cash flow from operations and its amended 
   and restated revolving credit and term loan agreements with its Banks 
   provide sufficient liquidity to meet its working capital, expansion and 
   capital requirements.

Green Coffee Market

   Subsequent to April 30, 1997 through June 10, 1997, the green coffee 
   market has become extremely volatile reaching a high of $3.14 per pound 
   and a low of $2.18 per pound. Historically, the Company has been able to 
   pass along price increases to its customers, although at very high retail 
   price levels there is a fall-off in consumer demand.
	
							
Part II.   Other Information

Item 1.    Legal Proceedings - None

Item 5.    Other Information

Certain statements under the caption "Management's Discussion and Analysis of 
Financial Condition and Results of Operations" and elsewhere in this Form 
10-Q constitute "forward looking statements" within the meaning of the Reform 
Act.  Such forward looking statements involve known risks, uncertainties, and 
other factors which may cause the actual results, performance or achievements 
of the Company to be materially different from any future results, 
performance or achievements expressed or implied by such forward looking 
statements. Such factors include, among others, the following: general 
economic and business conditions; competition; success of operating 
initiatives; development and operating costs, including green cofee prices; 
advertising and promotional efforts; brand awareness; the existence of or 
adherence to development schedules; the existence or absence of adverse 
publicity; availability, locations and terms of sites for Quikava outlets; 
changes in business strategy or development plans; quality of management; 
availability, terms and deployment of capital; business abilities and 
judgment of personnel; availability of qualified personnel; labor and 
employee benefit costs; changes in or the failure to comply with government 
regulations; construction costs and other factors.


Item 6.    Exhibits and Reports on Form 8-K

	     a)  Exhibits - Financial Data Schedule - Exhibit 27 - see below

	     b)  Reports on Form 8-K - none



11 of 12

		
Appendix A to item 601 (c) of Regulation S-K

(Article 5 of Regulation S-X

Chock full o'Nuts Corporation and Subsidiaries)


SIGNATURES      Pursuant to the requirements of the Securities Exchange Act of 
1934, the Registrant duly caused this Report of Form 10-Q to be signed on its 
behalf by the undersigned, thereunto duly authorized.

				CHOCK FULL O' NUTS CORPORATION
				(Registrant)





June 11, 1997                                                    
				Marvin I. Haas
				President and Chief Executive Officer



June 13, 1997                                         
				Howard M. Leitner
				Senior Vice President and 
				Chief Financial and Accounting Officer

12 of 12