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

Rule 424(b)(3)
File No. 333-37285
PRICING SUPPLEMENT NO. 1 DATED JUNE 24, 1998,
(To Prospectus and Prospectus Supplement Dated November 4, 1997)

$100,000,000

KIMCO REALTY CORPORATION

SERIES A MEDIUM-TERM NOTES
DUE NINE MONTHS OR MORE FROM DATE OF ISSUE

FIXED RATE NOTES

Interest Rate: 6.73%
Trade Date: June 24, 1998

Issue Price: 100%
Agent's Discount or Commission: $600,000
Net Proceeds to Issuer: $99,400,000

Original Issue Date: June 29, 1998
Stated Maturity Date: June 30, 2005

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: [X] The Notes cannot be redeemed prior to maturity.
[ ] The Notes may be redeemed prior to maturity, as follows:
Initial Redemption Date:
Initial Redemption Percentage:
Annual Redemption Percentage Reduction:

Repayment: [X] The Notes cannot be repaid prior to maturity.
[ ] The Notes may be repaid prior to maturity, as follows:
Optional Repayment Dates:

Additional/Other Terms: None

Addendum Attached: [ ] Yes [X] No

Agent: [X] 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.
[ ] Other: