EXHIBIT 23


                CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS


To the Shareholders and Board of Directors of
AMREP Corporation:


As independent  public  accountants,  we hereby consent to the  incorporation by
reference in this Form 10-K of our report dated June 30, 2000, included in AMREP
Corporation's   previously  filed  Registration  Statements  on  Form  S-8  Nos.
33-67114, 33-67116 and 333-17695.




                                        /s/ARTHUR ANDERSEN LLP


Albuquerque, New Mexico
July 25, 2000