AMREP CORP. — Director's Dealing 2008

Jan 2, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AMREP CORP. (AXR)
CIK: 0000006207
Period of Report: 2007-12-31

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-12-31	Common Stock	P	5000	$28.93	Acquired	1225698	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.