Exhibit 99.1


                                                           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)