EXHIBIT 23


                CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS


The Board of Directors
AMREP Corporation:


As  independent  public   accountants,   we  hereby  consent  to  the
incorporation  of our report  included in this Form 10-K,  into AMREP
Corporation's  previously filed  Registration  Statements on Form S-8
Nos. 33-67114, 33-67116 and 333-17695.




                                        /s/ARTHUR ANDERSEN LLP


Albuquerque, New Mexico
   July 27, 1999