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 ANNOUNCES FURTHER STEP IN CONSOLIDATING ITS
                     VARIOUS ULFILLMENT SERVICES BUSINESSES

Princeton,  NJ, October 26, 2007 - AMREP Corporation  (NYSE:AXR) announced today
that it will redistribute the fulfillment services work performed in its Marion,
Ohio facility into its three other  fulfillment  facilities which are located in
Illinois,  Colorado and Florida.  This  integration  will lead to the  permanent
closing of the Marion  location by September 2008 and will  eliminate  redundant
facility  and  overhead  costs.  Approximately  190  positions in Marion will be
impacted by the closure which  represents  approximately  9.2% of the total work
force of the fulfillment services business.

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.  In August 2007,
AMREP announced a 3.8% reduction in force in its fulfillment  services  business
as a first step in consolidating  those operations,  which is expected to reduce
annual operating costs by approximately  $2.7 million.  The current  integration
and capacity rationalization is a further step in the ongoing consolidation that
is  intended  to  streamline  the  combined   organization,   improve  operating
efficiency and customer service and reduce operating costs.

Approximately $700 thousand in severance-related  costs are projected to be paid
in  connection  with  the Ohio  facility  closure,  which  will be  recorded  as
positions  are  eliminated  during the eleven month  transitional  period ending
September  2008.   Following  the  completion  of  this  program,   the  Company
anticipates  realizing cost savings of approximately $2 million annually,  which
will bring the total estimated cost savings of the two actions to  approximately
$4.7 million annually.

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 closure of the Marion,  Ohio
facility,  the transfer of work performed there to other Company  facilities and
the estimated cost savings of this action and a prior action 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,  to
achieve  operating  efficiencies and better customer service and to realize cost
savings of $4.7  million  per year.  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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