AMREP CORP. — Director's Dealing 2007

Dec 31, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AMREP CORP. (AXR)
CIK: 0000006207
Period of Report: 2007-12-27

Reporting Person: KARABOTS NICK G (Director, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-12-27	Common Stock	P	1500	$30.49	Acquired	1213198	Direct
2007-12-28	Common Stock	P	1500	$30.25	Acquired	1214698	Direct
2007-12-28	Common Stock	P	5000	$30.00	Acquired	1219698	Direct
2007-12-28	Common Stock	P	1000	$30.10	Acquired	1220698	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1391180	Indirect
Common Stock	410000	Indirect

Footnotes

F1: The reporting person may be deemed to control this entity.