424B3: Prospectus [Rule 424(b)(3)]

PRICING SUPPLEMENT NO. 2 DATED MAY 21, 1997, Rule 424(b)(3)
(To Prospectus and Prospectus Supplement Dated July 12, 1996) File No. 333-4833

$30,000,000
KIMCO REALTY CORPORATION
Medium-Term Notes
Due Nine Months or More From Date of Issue

Fixed Rate Notes

Interest Rate: 7.46%
Trade Date: May 21, 1997
Issue Price: 100%
Agent's Discount or Commission: $187,500
Net Proceeds to Issuer: $29,812,500
Original Issue Date: May 27, 1997
Stated Maturity Date: May 29, 2007
Interest Payment Dates (if other than April 1 and October 1): N/A
Book Entry: [X] Certificated: [ ]
Authorized Denomination: [X] $1,000 and Integral Multiples Thereof [ ] Other:
Minimum Denomination: [X] $1,000 [ ] Other:
Specified Currency: [X] United States Dollars [ ] Other:
Exchange Rate Agent: N/A

Redemption:
Initial Redemption Date: N/A
Initial Redemption Percentage: N/A
Annual Redemption Percentage Reduction, if any: N/A

Repayment:
Optional Repayment Dates: N/A

Additional/Other Terms: None

Addendum Attached: [ ] Yes [X] No
Agent: [ ] Merrill Lynch & Co.
[ ] Chase Securities Inc.
[X] First Chicago Capital Markets, Inc.
[X] J.P. Morgan Securities Inc.
[X] Morgan Stanley & Co. Incorporated
[X] Goldman, Sachs & Co.

The "defeasance" and "covenant defeasance" provisions of the Indenture will
apply to the Notes.