FOR IMMEDIATE RELEASE

AMREP CORPORATION COMPLETES ACQUISITION OF PALM COAST DATA

Princeton, NJ, January 16, 2007 - AMREP Corporation (NYSE - AXR) today reported that its 
subsidiary, Kable Media Services, Inc. ("Kable"), has completed its acquisition of Palm Coast 
Data Holdco, Inc. ("Palm Coast Data").  The total consideration was approximately $92.0 million 
plus an additional amount for working capital and certain other adjustments preliminarily 
estimated at $3.7 million.

The acquisition was financed with a combination of internal funds and borrowings, including 
funds borrowed under an amendment to an existing Kable credit facility with LaSalle Bank 
National Association that was entered into in connection with the closing of the acquisition.

"The acquisition of Palm Coast Data is a substantial step forward in Kable's strategy as a leading 
provider of fulfillment and magazine distribution services," said Kable president Michael Duloc.  
"Palm Coast Data has a strong market presence and an excellent reputation with its customers. 
The merger with Kable will enable the combined businesses to provide even more efficient 
service to their clients and will create a strong platform for future growth."

John Meneough, president of Palm Coast Data, said "Joining with Kable gives Palm Coast a great 
opportunity to grow the business.  Kable has a strong management team and has established an 
impressive record in delivering innovative solutions to its customers.  We share this team's vision 
for the future and are excited by the opportunities this brings Palm Coast to provide additional 
value to our customers."  Mr. Meneough will serve as president and chief operating officer of the 
combined Kable and Palm Coast fulfillment operations.

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 Kable to 
successfully integrate Palm Coast Data into its operations.  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:   AMREP Corporation
	  Peter M. Pizza
           Vice President and Chief Financial Officer
	 (609) 716-8210