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


        AMREP CORPORATION REPORTS COMPLETION OF SHARE REPURCHASE PROGRAM
                AND ANNOUNCES ADDITIONAL SHARE REPURCHASE PROGRAM

Princeton,  New Jersey,  October 8, 2007 - AMREP  Corporation  (NYSE: AXR) today
reported that it has completed its 500,000 share Common Stock repurchase program
announced  on July 16,  2007,  reducing  its  number  of  outstanding  shares to
6,153,612.  The 500,000 shares were purchased in open market  transactions for a
total purchase price,  including commissions,  of $15,933,000,  or an average of
$31.87 per share.

The Company  also  announced  that its Board of  Directors  has  authorized  the
repurchase  of up to an  additional  500,000  shares of its  outstanding  common
stock. The purchases may be made from time-to-time  either in the open market or
through negotiated private  transactions with non-affiliates of the Company. The
timing  and  actual  number of shares  repurchased  will  depend on a variety of
factors including price,  alternative investment  opportunities and other market
conditions,  and no  assurance  can be given  as to  whether  there  will be any
further  repurchases or the extent or the time period over which they may occur.
The Company expects to fund these share purchases from internally generated cash
or from  borrowings.  The 500,000  additional  shares  authorized for repurchase
represent  approximately  8.1 % of the 6,153,612  shares of the Company's common
stock that are currently outstanding.

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