EX-5.1: OPINION OF VENABLE LLP

Exhibit 5.1

[Venable LLP Letterhead]

April 18, 2007

Kimco Realty Corporation
3333 New Hyde Park Road
P.O. Box 5020
New Hyde Park, New York 11042

Re: Registration Statement on Form S-3

Ladies and Gentlemen:

We have served as Maryland counsel to Kimco Realty Corporation, a
Maryland corporation (the "Company"), in connection with certain matters of
Maryland law arising out of the registration of up to 647,758 shares (the
"Shares") of common stock, $.01 par value per share, of the Company (the "Common
Stock"), to be issued, from time to time, in exchange for non-managing member
units of Kimco Pergament, LLC, a Delaware limited liability company (the "LLC").
The Shares are covered by the above-referenced Registration Statement, and all
amendments thereto (the "Registration Statement"), filed by the Company with the
United States Securities and Exchange Commission (the "Commission") under the
Securities Act of 1933, as amended (the "1933 Act").

In connection with our representation of the Company, and as a basis
for the opinion hereinafter set forth, we have examined originals, or copies
certified or otherwise identified to our satisfaction, of the following
documents (hereinafter collectively referred to as the "Documents"):

1. The Registration Statement;

2. The charter of the Company (the "Charter"), certified as of a
recent date by the State Department of Assessments and Taxation of Maryland (the
"SDAT");

3. The Bylaws of the Company, certified as of the date hereof by an
officer of the Company;

4. A certificate of the SDAT as to the good standing of the Company,
dated as of a recent date;


Kimco Realty Corporation
April 18,2007
Page 2


5. Resolutions adopted by the Board of Directors of the Company
relating to, among other matters, the registration and issuance of the Shares
(the "Resolutions"), certified as of the date hereof by an officer of the
Company;

6. The Limited Liability Company Agreement of the LLC, as in effect as
of the date hereof (the "LLC Agreement").

7. A certificate executed by an officer of the Company, dated as of
the date hereof; and

8. Such other documents and matters as we have deemed necessary or
appropriate to express the opinion set forth below, subject to the assumptions,
limitations and qualifications stated herein.

In expressing the opinion set forth below, we have assumed the
following:

1. Each individual executing any of the Documents, whether on behalf
of such individual or any other person, is legally competent to do so.

2. Each individual executing any of the Documents on behalf of a party
(other than the Company) is duly authorized to do so.

3. Each of the parties (other than the Company) executing any of the
Documents has duly and validly executed and delivered each of the Documents to
which such party is a signatory, and such party's obligations set forth therein
are legal, valid and binding and are enforceable in accordance with all stated
terms.

4. All Documents submitted to us as originals are authentic. The form
and content of all Documents submitted to us as unexecuted drafts do not differ
in any respect relevant to this opinion from the form and content of such
Documents as executed and delivered. All Documents submitted to us as certified
or photostatic copies conform to the original documents. All signatures on all
such Documents are genuine. All public records reviewed or relied upon by us or
on our behalf are true and complete. All representations, warranties, statements
and information contained in the Documents are true and complete. There has been
no oral or written modification of or amendment to any of the Documents, and
there has been no waiver of any provision of any of the Documents, by action or
omission of the parties or otherwise.


Kimco Realty Corporation
April 18,2007
Page 3


5. The Shares will not be issued or transferred in violation of the
restrictions on transfer and ownership contained in Article IV of the Charter.

Based upon the foregoing, and subject to the assumptions, limitations
and qualifications stated herein, it is our opinion that:

1. The Company is a corporation duly incorporated and existing under
and by virtue of the laws of the State of Maryland and is in good standing with
the SDAT.

2. The issuance of the Shares has been duly authorized and, when and
to the extent issued in accordance with the Registration Statement, the
Resolutions and the LLC Agreement, the Shares will be (assuming that, upon
issuance, the total number of shares of Common Stock issued and outstanding will
not exceed the total number of shares of Common Stock that the Company is then
authorized to issue under the Charter) validly issued, fully paid and
nonassessable.

The foregoing opinion is limited to the laws of the State of Maryland
and we do not express any opinion herein concerning any other law. We express no
opinion as to compliance with any federal or state securities laws, including
the securities laws of the State of Maryland, or as to federal or state laws
regarding fraudulent transfers. To the extent that any matter as to which our
opinion is expressed herein would be governed by any jurisdiction other than the
State of Maryland, we do not express any opinion on such matter.

The opinion expressed herein is limited to the matters specifically
set forth herein and no other opinion shall be inferred beyond the matters
expressly stated. We assume no obligation to supplement this opinion if any
applicable law changes after the date hereof or if we become aware of any fact
that might change the opinion expressed herein after the date hereof.

This opinion is being furnished to you for submission to the
Commission as an exhibit to the Registration Statement. We hereby consent to the
filing of this opinion as an exhibit to the Registration Statement and to the
use of the name of our firm therein. In giving this consent, we do not admit
that we are within the category of persons whose consent is required by Section
7 of the 1933 Act.

Very truly yours,


/s/ Venable LLP
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