Exhibit 99.1






                                                           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