Exhibit 99.1

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

                              FOR IMMEDIATE RELEASE

       AMREP CORPORATION ANNOUNCES FIRST STEP IN CONSOLIDATING ITS VARIOUS
              KABLE MEDIA SERVICES FULFILLMENT SERVICES BUSINESSES


Princeton,  NJ, August 2, 2007 - AMREP  Corporation  (NYSE:AXR)  announced today
that a reduction in force of 75 employees in its fulfillment  services  business
is in process.  This represents  approximately 3.8% of the business unit's total
number of employees.  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.  This workforce reduction is an early step in the consolidation of the
two  fulfillment  services   businesses.   This  consolidation  is  intended  to
streamline the business,  improve operating  efficiency and customer service and
reduce operating costs.

It is expected that  approximately  $300,000 in severance costs will result from
the workforce reduction,  which will be recorded in AMREP's fiscal quarter ended
July 31.  AMREP  also  expects  to  realize  annual  operating  cost  savings of
approximately $2,700,000 from the workforce reduction.

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 operations of the fulfillment
services  business  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,  the effect on the Company and
its customers of increased paper costs and postal rates,  the Company's  ability
to migrate  customers  to an internal  data  processing  system and  competitive
pressure.   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.

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