AMREP CORP. — Director's Dealing 2006

Nov 21, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AMREP CORP. (AXR)
CIK: 0000006207
Period of Report: 2006-11-07

Reporting Person: RUSSO ALBERT (Director, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-11-07	Common Stock	S	1600	$68.90	Disposed	632541	Direct
2006-11-07	Common Stock	S	400	$69.01	Disposed	632141	Direct
2006-11-09	Common Stock	S	1700	$71.53	Disposed	630441	Direct
2006-11-09	Common Stock	S	200	$71.73	Disposed	630241	Direct
2006-11-09	Common Stock	S	100	$71.81	Disposed	630141	Direct
2006-11-14	Common Stock	S	2000	$80.00	Disposed	628141	Direct
2006-11-14	Common Stock	S	1600	$78.10	Disposed	626541	Direct
2006-11-14	Common Stock	S	400	$78.67	Disposed	626141	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	49100	Indirect