AMREP CORP. — Director's Dealing 2008

Jan 3, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AMREP CORP. (AXR)
CIK: 0000006207
Period of Report: 2008-01-02

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-01-02	Common Stock	P	5000	$30.65	Acquired	1230698	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.