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

PRICING SUPPLEMENT NO. 2 DATED JULY 15, 1998 Rule 424(b)(3)
(To Prospectus and Prospectus Supplement File No. 33-37285
Dated November 4, 1997

$30,000,000
Kimco Realty Corporation
Series A Medium-Term Notes
Due Nine Months or More from Date of Issue

Fixed Rate Notes

Interest Rate: 6.93%
Trade Date: July 15, 1998

Issue Price: 100%
Agent's Discount or Commission: $180,000
Net Proceeds to Issuer: $29,820,000

Original Issue Date: July 20, 1998
Stated Maturity Date: July 20, 2006

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/ $1000 / / 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: / / Merrill Lynch & Co.
/ / Chase Securities Inc.
/x/ First Chicago Capital Markets, Inc.
/ / J.P. Morgan Securities Inc.
/ / Morgan Stanley & Co. Incorporated
/x/ Goldman, Sachs & Co.
/ / Other: