FOR IMMEDIATE RELEASE

AMREP CORPORATION ANNOUNCES AGREEMENT TO ACQUIRE PALM COAST DATA

Princeton, NJ, November 8, 2006 - AMREP Corporation (NYSE- AXR) today announced that its
Kable Media Services, Inc. ("Kable") subsidiary has entered into an agreement to acquire Palm  
Coast Data Holdco, Inc.  The total transaction value is approximately $92 million, subject to 
working capital and other adjustments.  Kable plans to finance the acquisition using a 				
combination of internal funds and borrowings.  The closing of the transaction is subject to 
regulatory review and other customary closing conditions and is expected to occur early in 2007.

About AMREP Corporation:
AMREP Corporation is primarily engaged in two businesses: land development and magazine 
and product service operations.

Its AMREP Southwest subsidiary is a major landholder and a leading developer of real estate in 					 			   
New Mexico. It is the founder of Rio Rancho, now the third largest city in New Mexico, where 
the focus of its current activity is on the entitlement, development and sale of land for residential,
commercial and industrial uses.

Its Kable Media Services business, which was founded in 1932, has major locations in Illinois,
Colorado, Ohio and New York City, and provides an array of magazine and product fulfillment 
and fulfillment-related services to publishers and others and distributes magazines, both in the 
United States and elsewhere in the world.

About Palm Coast Data:
Palm Coast Data, LLC, located in the Florida city of Palm Coast, has been providing services to 
the magazine publishing industry since 1984 and is a leading provider of such services in the 
United States. The bulk of the company's business comes from the publishing industry with a 
smaller share coming from membership organizations and product marketers.  Palm Coast Data,
LLC is a wholly-owned subsidiary of Palm Coast Data Holdco, Inc.
				***
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements 
made by AMREP or on its behalf.  These statements are made on the basis of management's views and 
assumptions; as a result, there can be no assurance that management's expectations will necessarily come 
to pass.  The actual financial impact of the transaction and other actual events and developments could 
differ materially from those expressed or implied in forward-looking statements.  Important factors that 
could cause actual operating performance or financial condition or other actual events or developments to 
differ from those expressed or implied in the forward-looking statements include, but are not limited to, the 
ability of AMREP  to satisfy the conditions precedent to closing the transaction and otherwise consummate 
the transaction.  Investors are also directed to consider the risks and uncertainties discussed in other 
documents AMREP has filed with the Securities and Exchange Commission.  AMREP does not undertake 
to update any forward-looking statement that may be made from time to time by or on its behalf.

CONTACT:   Peter M. Pizza
           Vice President and Chief Financial Officer
	  AMREP Corporation
	 (609) 716-8210	(609) 716-8255 (fax)