U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB

   X        Quarterly report pursuant to section 13 or 15(d) of the Securities 
 -----      Exchange Act of 1934 for the quarterly period ended March 31, 1997
                                                                --------------

            Transition report pursuant to Section 13 or 15(d) of the Securities
 -----      Exchange Act of 1934

            For the transition period from  __________ to __________

                         Commission File number 0-28058

                              BIG CITY BAGELS, INC.
        (Exact Name of Small Business Issuer as Specified in its Charter)

            New York                                           11-3137508
----------------------------------                         --------------------
  (State or Other Jurisdiction of                            (I.R.S. Employer
   Incorporation of Organization)                           Identification No.)

                     99 Woodbury Road, Hicksville, NY 11801
                    (Address of Principal Executive Offices)

                                 (516) 932-5050
                 (Issuer's Telephone Number Including Area Code)


         ----------------------------------------------------------------
         (Former Name, Former Address and Former Fiscal Year, If Changed
                               Since Last Report)


Check  whether  the issuer  (1) has filed all  reports  required  to be filed by
Section 13 or 15 (d) of the Exchange Act 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 |_|

State the number of shares outstanding of each of the issuer's classes of common
equity,  as of  the  latest  practicable  date:  At  May  9,  1997,  Issuer  had
outstanding 4,932,021 shares of Common stock, par value $.001 per share.

                               Page 1 of 14 Pages
                             Exhibit Index - Page 13


<PAGE>




PART 1.  FINANCIAL INFORMATION
ITEM 1.  FINANCIAL STATEMENTS

                              BIG CITY BAGELS, INC.
                                 BALANCE SHEETS


<TABLE>
<CAPTION>



                                                                               March 31,1997             December 31,1996
                                                                              ---------------           ------------------
<S>                                                                                 <C>                        <C>  
                         ASSETS
                        --------
Current Assets:
 Cash                                                                         $      127,213           $       654,856
 United States Treasury Bills                                                        985,713                 1,006,170
 Accounts Receivable                                                                 115,783                   110,063
 Inventory                                                                            67,841                    74,272
 Prepaid Expenses and Other Current Assets                                            74,532                    77,131
                                                                             -----------------         -----------------
     Total Current Assets                                                     $    1,371,082           $     1,922,492

Fixed Assets, Net of Accumulated Depreciation                                      1,290,966                 1,239,478
Intangible Assets, Net of Accumulated Amortization                                   293,668                   300,699
Security Deposits                                                                     50,981                    39,570
                                                                             -----------------         -----------------
     TOTAL                                                                    $    3,006,697           $     3,502,239
                                                                             =================         =================

                                           LIABILITIES AND STOCKHOLDERS' EQUITY
                                          --------------------------------------
Current Liabilities:
Loan Payable                                                                  $      225,000           $             0
Stockholders' Loans                                                                   63,768                    87,468
Capital Lease Obligations                                                             48,144                    51,918
Unearned Franchise Fee Income                                                        329,250                   263,750
Accounts Payable                                                                     240,986                   208,011
Accrued Expenses                                                                      69,734                    60,323
                                                                             -----------------         -----------------
     Total Current Liabilities                                                $      976,882           $       671,470

Deferred Rent Payable                                                                 16,381                    19,243
Capital Lease Obligations, noncurrent                                                121,676                   132,926
                                                                             -----------------         -----------------
     Total Liabilities                                                        $    1,114,939           $       823,639
                                                                             -----------------         ------------------

Stockholders' Equity
  Preferred Stock $.001 par value;  1,000,000 shares
  authorized; no shares outstanding
Common Stock  $.001 par  value;  10,000,000  shares
  authorized;  4,932,021  and 4,923,757 shares issued
  and outstanding, at March 31, 1997; and
  December 31, 1996, respectively                                                         4,932                     4,924
Additional Paid-In Capital                                                         4,348,436                 4,340,180
Accumulated Deficit                                                               (2,431,610)               (1,629,004)
Unearned Portion of Compensatory Stock                                               (30,000)                  (37,500)
                                                                             -----------------         ------------------
     Total Stockholders' Equity                                                    1,891,758                 2,678,600
                                                                             -----------------         ------------------
     TOTAL                                                                    $    3,006,697           $     3,502,239
                                                                             =================         ==================
</TABLE>

    The accompanying notes are an integral part of the financial statements.

                                       -2-

<PAGE>



                              BIG CITY BAGELS, INC.
                            STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>


                                                                         Three Months Ended
                                                          March 31, 1997                     March 31, 1996*
                                                          ---------------                    --------------
<S>                                                            <C>                                 <C>  
REVENUES:
Product Sales by Company-Owned                         $       456,574                    $       334,295
  Stores
Product Sales to Franchisees and Others                        150,283                             86,622
Franchise Fees                                                       0                            120,000
Royalty Income                                                  43,354                             20,217
Interest Income                                                 17,480                              3,790
                                                      ----------------                   ----------------
     Total Revenues                                            667,691                            564,924
                                                      ----------------                   ----------------

COSTS AND EXPENSES:
 Cost of Sales                                                 358,656                            205,722
 Selling, General and Administrative                         1,098,673                            534,810
 Amortization of Debt Discount                                       0                            426,483
   on Bridge Loan
 Interest Expense                                               12,968                             30,552
                                                      ----------------                   ----------------
     Total Costs and Expenses                                1,470,297                          1,197,567
                                                      ----------------                   ----------------

NET (LOSS)                                            $      (802,606)                   $      (632,643)
                                                      ================                   ================

Net (Loss) Per Common Share                           $         (0.16)                   $         (0.21)
                                                      ================                   ================
Pro forma Weighted Average Common
        Shares Outstanding                                                                      3,000,000
                                                                                         ================
Weighted Average Common Shares
        Outstanding                                          4,929,175
                                                      ================



-----------
<FN>

*    Reclassified to conform to current period presentation.

</FN>
</TABLE>

    The accompanying notes are an integral part of the financial statements.

                                       -3-

<PAGE>



                              BIG CITY BAGELS, INC.
                        STATEMENT OF STOCKHOLDERS' EQUITY

<TABLE>
<CAPTION>


                                                                                
                                                                                
                                                                                                 Unearned Portion of
                                              Common Stock           Additional                  Compensatory Stock
                                              ------------            Paid-In     Accumulated    ------------------              
                                          Shares         Amount       Capital       Deficit     Shares      Amount          Total
                                          ------         ------      ----------   -----------   ------      ------          -----
<S>                                        <C>            <C>            <C>         <C>          <C>        <C>            <C>
BALANCE, January 1, 1997                4,923,757     $  4,924     $ 4,340,180   $(1,629,004)   15,000   $ (37,500)    $  2,678,600

Issuance of Common Stock for
Acquisition of Franchise Store              8,264            8           8,256                                                8,264

Amortization of Compensatory Stock                                                                           7,500            7,500

Net Loss                                                                            (802,606)                              (802,606)
                                      -------------  -----------  -------------  ------------  -------- -----------    -------------

BALANCE, March 31, 1997                 4,932,021     $  4,932     $ 4,348,436   $(2,431,610)   15,000   $ (30,000)    $  1,891,758
                                      =============  ===========  =============  ============  ======== ===========    =============

</TABLE>







    The accompanying notes are an integral part of the financial statements.

                                       -4-

<PAGE>



                              BIG CITY BAGELS, INC.
                              CASH FLOWS STATEMENTS
                      FOR THE THREE MONTHS ENDED MARCH 31,
<TABLE>
<CAPTION>

                                                                                        1997                          1996
                                                                                        ----                          ----
<S>                                                                                     <C>                           <C>  
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss                                                                $             (802,606)        $           (632,643)
                                                                        -----------------------        ---------------------

Adjustments to Reconcile Net Loss to Net Cash Used in
Operating Activities:
   Depreciation and Amortization                                                         60,634                      33,488
   Amortization of Debt Discount on Bridge Loans                                              0                     426,483
   Issuance of Common Stock for Compensation                                              7,500                           0
   (Increase) Decrease in:
     Accounts Receivable                                                                 (5,720)                    (64,461)
     Inventory                                                                            6,431                         (81)
     Interest Receivable on U.S. Treasury Bills                                           5,542                           0
     Prepaid Expenses and Other Current Assets                                            2,599                      (8,750)
   Increase (Decrease) in:
     Unearned Franchise Fee Income                                                       65,500                      16,000
     Deferred Rent Payable                                                               (2,862)                          0
     Accounts Payable                                                                    32,975                    (126,529)
     Accrued Expenses                                                                     9,411                      27,489
                                                                        -----------------------       ---------------------
Total Adjustments                                                                       182,010                     303,639
                                                                        -----------------------       ---------------------
Net Cash Used in Operating Activities                                                  (620,596)                   (329,004)
                                                                        -----------------------       ---------------------

CASH FLOWS FROM INVESTING ACTIVITIES:
   Acquisition of Franchise Store                                                       (75,000)                          0
   Purchases of Fixed Assets                                                            (13,032)                    (30,351)
   Increase in Security Deposits                                                        (11,411)                          0
   Purchase of United States Treasury Bills                                            (243,880)                          0
   Sales of United States Treasury Bills                                                250,000                           0
                                                                        -----------------------       ---------------------
Net Cash Used in Investing Activities                                                   (93,323)                    (30,351)
                                                                        -----------------------       ---------------------

CASH FLOWS FROM FINANCING ACTIVITIES:
   Deferred Registration Costs                                                                0                    (150,756)
   Proceeds from Bridge Loan                                                                  0                   1,000,000
   Proceeds from Loan Payable                                                           225,000                           0
   Repayment of Stockholder Loans                                                       (23,700)                       (235)
   Repayment of Notes Payable                                                           (15,024)                    (73,252)
   Promissary Note Receivable                                                                 0                     (15,000)
                                                                        -----------------------       ---------------------
Net Cash Provided by Financing Activities                                               186,276                     760,757
                                                                        -----------------------       ---------------------

NET INCREASE (DECREASE) IN CASH                                                        (527,643)                    401,402
Cash, Beginning of Period                                               $               654,856       $              37,991
                                                                        =======================       =====================
Cash, End of Period                                                     $               127,213       $             439,393
                                                                        =======================       =====================
                                                                              
</TABLE>

                            (Continued on next page)


                                       -5-

<PAGE>






                              BIG CITY BAGELS, INC.
                        CASH FLOWS STATEMENTS (CONTINUED)
                      FOR THE THREE MONTHS ENDED MARCH 31,


<TABLE>
<CAPTION>



Supplemental Disclosure of Cash Flow Information:
                                                                                                1997                   1996
                                                                                                ----                   ----
<S>                                                                                              <C>                    <C>   
  Cash Paid During the Year for:
      Interest                                                                             $    12,633            $    33,563
      Income Taxes                                                                               1,900                  1,925

In February 1997, the Company acquired all of the assets of a franchisee for the
following:
      Forgiveness of Outstanding Accounts Receivable                                       $     8,796
      Issuance of 8,264 Shares of Common Stock                                                   8,264
                                                                                          -------------
                                                                                                17,060
      Cash Paid                                                                                 75,000
                                                                                          -------------
                 Total Amount Attributed to Fixed Assets                                   $    92,060
                                                                                          ==============

</TABLE>




















    The accompanying notes are an integral part of the financial statements.

                                       -6-

<PAGE>



                              BIG CITY BAGELS, INC.
                          NOTES TO FINANCIAL STATEMENTS

(NOTE A) -        The Company and Basis of Presentation:

                  The Company  operates and  franchises  retail bagel stores and
                  sells its products  wholesale to commercial  accounts and food
                  service operators.

                  The information herein is unaudited.  However,  in the opinion
                  of  management,  such  information  reflects  all  adjustments
                  (consisting  only of normal recurring  accruals)  necessary to
                  make the financial statements not misleading. Additionally, it
                  should be noted that the accompanying  financial statements do
                  not purport to contain complete disclosures in conformity with
                  generally accepted accounting principles.

                  The results of operations for the three months ended March 31,
                  1997  are  not  necessarily   indicative  of  the  results  of
                  operations for the full year ending  December 31, 1997.  These
                  statements  should be read in  conjunction  with the Company's
                  financial  statements  for the year ended  December  31,  1996
                  appearing in the Company's Annual Report on Form 10- KSB.

(NOTE B) -        Bridge Financing:

                  In January  1996,  the Company  completed a bridge  financing,
                  pursuant  to which it issued (i) an  aggregate  of  $1,000,000
                  principal amount of promissory  notes,  which bear interest at
                  the rate of 8% per annum  ("Bridge  Notes") and (ii) the right
                  to receive upon the completion of the company's initial public
                  offering ("Offering") an aggregate of 500,000 bridge units and
                  500,000  Class B  Redeemable  Common Stock  Purchase  Warrants
                  ("Class B Warrants").  Each bridge unit consisted of one share
                  of  common  stock  and one  Class A  Redeemable  Common  Stock
                  Purchase  Warrant  ("Class A  Warrant").  Each Class A Warrant
                  entitles  the holder to purchase one share of Common Stock for
                  $4.50 during the three-year  period  commencing one year after
                  the Offering. Two Class B Warrants, together, will entitle the
                  holder to purchase  one share of common stock for $8.00 during
                  the three-year period commencing one year after the completion
                  of the Offering. The bridge units and Class B Warrants contain
                  registration rights and the Company registered such securities
                  simultaneously with the Offering. The bridge units and Class B
                  Warrants have been valued at $684,000 and have been  accounted
                  for as a debt discount  increasing the effective interest rate
                  on the notes to 169%.  The Bridge  Notes were  repaid with the
                  proceeds of the Offering.

(NOTE C) -        Loan Payable:

                  In February  and March 1997,  the  Company  borrowed  $225,000
                  against its investment in United States Treasury  Bills.  This
                  short term borrowing, used in operations,  enabled the Company
                  to maintain  its  investments  until  maturity.  This loan was
                  repaid in April 1997.

(NOTE D) -        Common Stock Options:

                  Pursuant to the Company's 1996 Performance  Equity Plan ("1996
                  Plan"), on March 31st of each calendar year during the term of
                  the 1996 Plan, assuming there are enough shares then available
                  for  grant  under the 1996  Plan,  each  person  who is then a
                  director  of the  Company  will be  awarded  stock  options to
                  purchase  10,000  shares  of Common  Stock at the fair  market
                  value  thereof  (as  determined  in  accordance  with the 1996
                  Plan), all of which options are immediately  exercisable as of
                  the date of grant and have a term of ten years.  These are the
                  only awards  which may be granted to a director of the Company
                  under the 1996 Plan.  On March 31, 1997,  the directors of the
                  Company  were  granted  options to  purchase an  aggregate  of
                  50,000  shares of Common Stock at an exercise  price of $5.375
                  per share.

                                       -7-

<PAGE>



ITEM 2.       MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
              AND RESULTS OF OPERATIONS

         The following  discussion  and analysis  should be read in  conjunction
with the Company's financial statements and the notes thereto. The discussion of
results,  causes and trends should not be construed to imply any conclusion that
such results or trends will necessarily continue in the future.

Forward-Looking Statements

         When used in the Form 10-QSB and in future  filings by the Company with
the  Securities  and  Exchange  Commission,  the words or phrases  "will  likely
result,"  "management  expects" or "the Company  expects," "will  continue," "is
anticipated,"  "estimated"  or similar  expressions  are  intended  to  identify
"forward-looking  statements"  within  the  meaning  of the  Private  Securities
Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance
on any such forward-looking  statements, each of which speak only as of the date
made. Such statements are subject to certain risks and uncertainties  that could
cause actual results to differ  materially  from  historical  earnings and those
presently  anticipated  or projected.  The Company has no obligation to publicly
release the result of any  revisions  which may be made to any forward-  looking
statements  to reflect  anticipated  or  unanticipated  events or  circumstances
occurring after the date of such statements.

Results of Operations

         Revenues for the three months ended March 31, 1997,  were $667,691,  an
18%  increase  from  revenues of $564,924  for the three  months ended March 31,
1996. This increase was attributable to gains in the following areas:  store and
commissary  product  sales,  royalty  income  and  interest  income.  Store  and
commissary product sales increased  $185,940,  or approximately 44%, to $606,857
for the three  months  ended March 31, 1997 from  $420,917  for the three months
ended March 31, 1996.  This  increase  was due to the maturing of  Company-owned
retail store operations,  the acquisition of two new retail stores in the latter
part of 1996,  the  acquisition  of one new retail store in the first quarter of
1997,  the growth of the wholesale  business and increased  commissary  sales to
franchise  stores.  There were no  franchise  fee  revenues for the three months
ended March 31, 1997,  as compared  with  $120,000 of franchise fee revenues for
the three months ended March 31, 1996,  because no new  franchise  stores opened
during this period.  Revenue under franchise  agreements is generally recognized
when the  franchise  stores are opened.  The Company has unearned  franchise fee
income of $329,250 at March 31,  1997,  compared to $325,250 at March 31,  1996.
Unearned  franchise fee income  represents  non-refundable  franchise fees which
will be  recognized  as  revenue as the  related  franchise  stores are  opened.
Royalty income  increased by $23,137,  or 114%, to $43,354 from $20,217 in 1996.
This was due to the maturing of operations of existing  franchise stores and the
commencement of operations of new franchise stores that opened in 1996. Interest
income for the three months ended March 31, 1997 was  $17,480,  a 361%  increase
from the interest  income for the three  months ended March 31, 1996,  resulting
from the cash proceeds of the  Company's  initial  public  offering in May 1996,
which were deposited into interest bearing accounts.

         During the three months ended March 31, 1997, the Company  entered into
one new franchise  area  development  agreement  (three  stores),  none of which
stores were opened by March 31, 1997,  as compared to a single  store  franchise
agreement  and a twelve store area  development  agreement  for the three months
ended March 31, 1996.


                                       -8-

<PAGE>



         Cost of sales  were  $358,656,  representing  59% of net  sales for the
three  months  ended  March 31,  1997  compared to $205,722 or 49% for the three
months  ended March 31, 1996.  The increase in cost of sales as a percentage  of
sales was primarily  attributable to an increase in sales from the commissary to
the franchisees and increased sales from the wholesale business, which generally
represent  a lower gross  profit  percentage.  The  increase in cost of sales of
$152,934  was  primarily  due to increased  store  revenues  resulting  from the
additional stores acquired,  increased wholesale business and increased sales to
franchisees.

         Selling, general and administrative expenses (SG&A) were $1,098,673 for
the three months ended March 31, 1997,  a 105%  increase  from  $534,810 for the
three months ended March 31, 1996.  This  increase was  primarily a result of: a
$198,520 increase in salaries from $220,112 for the three months ended March 31,
1996 to $418,632 for the three months ended March 31, 1997, due to the hiring of
management and administrative personnel and increases in officers' salaries; and
increases of $31,377 in rent, $34,920 in advertising,  $40,161 in insurance, and
$69,676 in professional fees that were mandated by a growing business.

         Amortization of debt discount on the promissory  notes ("Bridge Notes")
issued in January  1996 in  connection  with the  Company's  $1,000,000  private
financing  ("Bridge  Financing")  for the three  months ended March 31, 1996 was
$426,483.  There was no  amortization  of debt  discount on Bridge Notes for the
three months ended March 31, 1997.

         Interest  expense  decreased  by $17,584  during the three months ended
March 31, 1997  primarily due to the repayment of the $1,000,000 of Bridge Notes
in May 1996.

         The net loss for the three  months  ended March 31, 1997 was  $802,606,
compared to a net loss of $632,643  for the three  months  ended March 31, 1996.
The  primary  reasons  for the current  period  loss were  primarily  due to the
increases in officers and  operating  salaries,  rent,  advertising,  insurance,
professional fees, delivery, and depreciation expenses.

Liquidity and Capital Resources

         In May 1996,  the Company  completed its initial  public  offering,  at
which time it  received  net  proceeds  of  approximately  $4,100,000,  of which
$1,000,000  was used to repay the Bridge Notes and $375,000 of which was used to
repay a portion of shareholder loans.

         Cash  and  United  States   Treasury  Bills  at  March  31,  1997  were
$1,112,926,  compared to  $1,661,026  at December  31, 1996.  This  decrease was
attributable  to the Company  funding  its  operating  losses and the  Company's
acquisition of one of its franchise stores.

         Accounts  receivable  increased  to  $115,783 at March 31,  1997,  from
$110,063 at December 31, 1996.  This  increase was primarily due to increases in
commissary sales to franchisees and the Company's wholesale business.

         Inventory  decreased  to $67,841  at March 31,  1997,  from  $74,272 at
December 31, 1996, due to tighter inventory controls.

         Prepaid expenses and other current assets as of March 31, 1997 have not
changed significantly compared to December 31, 1996.

                                       -9-

<PAGE>




         During the three  months  ended March 31,  1997,  the Company  borrowed
$225,000  against its investment in United States Treasury  Bills,  enabling the
Company to maintain its investments until maturity.
This debt was repaid in April 1997.

         Shareholders' loans decreased to $63,768 at March 31, 1997 from $87,468
at December 31, 1996. This decrease was attributable to the scheduled  repayment
of these loans.

         The current portion of capital lease  obligations  decreased to $48,144
at March 31, 1997 from  $51,918 at December  31, 1996 as a result of the Company
making the required payments during this period.

         The  noncurrent  portion  of capital  lease  obligations  decreased  to
$121,676 at March 31, 1997 from $132,926 at December 31, 1996 as a result of the
Company making the required payments during this period.

         The combination of accounts payable and accrued  expenses  increased to
$310,720 at March 31, 1997 from $268,334 at December 31, 1996. This increase was
primarily due to the growth of the Company.

         At March 31, 1997,  the Company had  $394,200 of working  capital and a
current ratio of 1.40 to 1.

         The Company's operating activities used net cash of $620,596 during the
three months ended March 31, 1997, as compared to net cash used in operations of
$329,004 for the  corresponding  period of the prior year. The $291,592 increase
was primarily  due to the increase of the  Company's net loss,  which was funded
from the proceeds of the initial public offering.

         Although the Company has no present need to raise additional capital to
support its existing operations, the Company does believe it will need to obtain
financing from outside  sources to support its plans for growth.  The Company is
exploring its ability to obtain financing for potential acquisitions and for the
opening of new Company-owned stores.

         The Company  anticipates  increasing  revenues  and thereby  generating
operating cash flow in the future by implementing the following actions:

o         Increasing   Product   Sales.   The   Company   intends  to  open  new
          Company-owned  retail  stores  and  expects  increased  sales from its
          commissary  in California  to new  franchise  stores.  The Company has
          centralized  its  wholesale   business  activity  for  its  California
          Company-owned  stores  and  expects  this  business  to grow due to an
          increase in name recognition,  product acceptance and additional sales
          efforts.

o         Expanding Franchise  Operations.  The Company will continue to utilize
          capital to increase  franchise  sales by  advertising  in national and
          regional  publications  and business  magazines.  In January 1997, the
          Company hired a Vice President of Franchising  who is responsible  for
          expanding franchise operations in the middle and western United States
          and  for  exploring  non-traditional  franchising  relationships.  The
          Company  expects  to  increase  its  franchise  sales  by  opening  or
          acquiring  additional  Company-owned  flagship  stores in markets that
          would  generate  interest for  experienced  multi-store  developers to
          enter into area development agreements.

o         Making  Acquisitions.  The Company has  completed the  acquisition  of
          three previously  franchised stores in Scottsdale and Mesa, Arizona in
          October  1996 and in Park City,  Utah in  February  1997.  The Company
          intends to acquire other bagel stores or complementary types of retail
          outlets which provide entry into new markets.

                                      -10-

<PAGE>



PART II. - OTHER INFORMATION

Item 2 - Changes in Securities

          (c)     Recent Sales of Unregistered Securities

          During the three  months  ended March 31,  1997,  the Company made the
following sales of unregistered securities:

<TABLE>
<CAPTION>


                                                                 Consideration
                                                                 Received and
                                                                Description of                           If Option, Warrant
                                                             Underwriting or Other                         or Convertible
                                                              Discounts to Market     Exemption from     Security, Terms of
                                                               Price Afforded to       Registration         Exercise or
Date of Sale            Title of Security    Number Sold          Purchasers             Claimed             Conversion
------------            -----------------    -----------          ----------             -------             ----------
<S>                           <C>                <C>                 <C>                   <C>                  <C>
3/31/97                 options to             50,000       options granted - no           4(2)         exercisable for ten
                        purchase                            consideration received                      years from date of
                        Common Stock                        by Company until                            grant at an exercise
                        granted to                          exercise                                    price of $5.375 per
                        directors                                                                       share
</TABLE>


Item 6 - Exhibits and Reports on Form 8-K

          (a)     Exhibits

                  27.      Financial Data Schedule (3/31/97)

          (b)     Reports on Form 8-K

                  None

                                      -11-

<PAGE>



                                    SIGNATURE


          Pursuant to the  requirements of the Securities  Exchange Act of 1934,
the  Registrant  has duly  caused  this report to be signed on its behalf by the
undersigned thereunto duly authorized.



                               Big City Bagels, Inc.
                               (Registrant)


Dated:May 14, 1997             By: /s/ Mark Weinreb
                                  --------------------------------------------- 
                                   Mark Weinreb, Chairman, and Chief
                                     Executive Officer and Chief Financial
                                     Officer (and principal accounting officer)


                                      -12-

<PAGE>



EXHIBIT INDEX

EXHIBIT
NUMBER                     DESCRIPTION                            PAGE          

 27                        Financial Data Schedule (3/31/97)       14           


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