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

PRICING SUPPLEMENT NO. 1 DATED OCTOBER 15, 1999 Rule 424(b)(3)
(To Prospectus and Prospectus Supplement Dated File No. 333-61303
September 18, 1998


$50,000,000
Kimco Realty Corporation
Series B Medium-Term Notes
Due Nine Months or More from Date of Issue

Fixed Rate Notes

Interest Rate: 7.62%
Trade Date: October 15, 1999

Issue Price: 100%
Agent's Discount or Commission: $250,000
Net Proceeds to Issuer: $49,750,000

Original Issue Date: October 20, 1999
Stated Maturity Date: October 20, 2004

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: /X/ Merrill Lynch & Co.
/ / Chase Securities Inc.
/ / Banc One Capital Markets, Inc.
/ / J.P. Morgan Securities Inc.
/ / Morgan Stanley & Co. Incorporated
/ / Goldman, Sachs & Co.
/X/ Other: Legg Mason Wood Walker, Incorporated

The effective date of the final regulations regarding withholding and
information rules applicable to non-U.S. Holders discussed in the Prospectus
Supplement under the heading "Certain United States Federal Income Tax
Considerations -- Backup Withholding" has been changed. The final regulations
are generally effective for payments made after December 31, 2000, subject to
certain transition rules.