FOR:       AMREP Corporation
           300 Alexander Park, Suite 204
           Princeton, New Jersey 08540

CONTACT:   Peter M. Pizza
           Vice President and 
	  Chief Financial Officer
	  (609) 716-8210
		   
		   
	AMREP CORPORATION ANNOUNCES FURTHER STEP IN CONSOLIDATING ITS  
                 VARIOUS FULFILLMENT SERVICES BUSINESSES

Princeton, NJ, October 26, 2007 - AMREP Corporation (NYSE:AXR) announced today that it 
will redistribute the fulfillment services work performed in its Marion, Ohio facility into its three 
other fulfillment facilities which are located in Illinois, Colorado and Florida.  This integration 
will lead to the permanent closing of the Marion location by September 2008 and will eliminate 
redundant facility and overhead costs.  Approximately 190 positions in Marion will be impacted 
by the closure which represents approximately 9.2% of the total work force of the fulfillment 
services business. 

In January 2007, AMREP, through its Kable Media Services subsidiary, acquired Palm Coast 
Data.  Both Kable Media and Palm Coast Data are leading U.S. providers of fulfillment services 
to the magazine publishing industry.  In August 2007, AMREP announced a 3.8% reduction in 
force in its fulfillment services business as a first step in consolidating those operations, which is 
expected to reduce annual operating costs by approximately $2.7 million. The current integration 
and capacity rationalization is a further step in the ongoing consolidation that is intended to 
streamline the combined organization, improve operating efficiency and customer service and 
reduce operating costs.

Approximately $700 thousand in severance-related costs are projected to be paid in connection 
with the Ohio facility closure, which will be recorded as positions are eliminated during the 
eleven month transitional period ending September 2008.  Following the completion of this 
program, the Company anticipates realizing cost savings of approximately $2 million annually, 
which will bring the total estimated cost savings of the two actions to approximately $4.7 million 
annually.

AMREP Corporation's AMREP Southwest Inc. subsidiary is a major landholder and leading 
developer of real estate in New Mexico, and its Kable Media Services, Inc. subsidiary distributes 
magazines to wholesalers and provides subscription fulfillment and related services to publishers 
and others.

The statements in this news release regarding the closure of the Marion, Ohio facility, the transfer 
of work performed there to other Company facilities and the estimated cost savings of this action 
and a prior action are forward-looking statements within the meaning of the federal securities 
laws.  These statements are subject to numerous risks and uncertainties, many of which are 
beyond the control of AMREP and that could cause actual results to differ materially from such 
statements, including, without limitation, the Company's ability to efficiently integrate the 
components of its fulfillment services business, to achieve operating efficiencies and better 
customer service and to realize cost savings of $4.7 million per year. Further information about 
these and other relevant risks and uncertainties may be found in the Company's Form 10-K and 
its other filings with the Securities and Exchange Commission, all of which are available from the 
Commission as well as from other sources.  Recipients of this news release are cautioned to 
consider these risks and uncertainties and to not place undue reliance on the forward-looking 
statements contained therein.  AMREP disclaims any intention or obligation to update or revise 
any forward-looking statements, whether as a result of new information, future events or 
otherwise.