-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Dps9Ggi6t7d29eDEsUrHeLMOc5ludoA9dLi+S44nR7PZHp6mdtL4njL4jSFxXiSX
 NyWECQSk5H1dRFbenzhqqg==

<SEC-DOCUMENT>0001144204-03-005619.txt : 20030916
<SEC-HEADER>0001144204-03-005619.hdr.sgml : 20030916
<ACCEPTANCE-DATETIME>20030916105825
ACCESSION NUMBER:		0001144204-03-005619
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20030915
FILED AS OF DATE:		20030916

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			KARABOTS NICK G
		CENTRAL INDEX KEY:			0000918213
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-04702
		FILM NUMBER:		03896903

	BUSINESS ADDRESS:	
		STREET 1:		P O BOX 736
		CITY:			FORT WASHINGTON
		STATE:			PA
		ZIP:			19034
		BUSINESS PHONE:		2156435800

	FORMER NAME:	
		FORMER CONFORMED NAME:	NICK G KARABOTS
		DATE OF NAME CHANGE:	19940127

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMREP CORP
		CENTRAL INDEX KEY:			0000006207
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATIVE BUILDERS [1531]
		IRS NUMBER:				590936128
		STATE OF INCORPORATION:			OK
		FISCAL YEAR END:			0430

	BUSINESS ADDRESS:	
		STREET 1:		641 LEXINGTON AVENUE
		STREET 2:		6TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		2127054700

	MAIL ADDRESS:	
		STREET 1:		641 LEXINGTON AVE
		STREET 2:		6TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERICAN REALTY & PETROLEUM CORP
		DATE OF NAME CHANGE:	19671019
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>karabots-amrep_4ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<!-- - EDGAR Ease Plus 1.0                                   07/25/03  TT    -->
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
   <periodOfReport>2003-09-15</periodOfReport>
   <notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000006207</issuerCik>
        <issuerName>AMREP CORP</issuerName>
        <issuerTradingSymbol>AXR</issuerTradingSymbol>
   </issuer>
   <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000918213</rptOwnerCik>
            <rptOwnerName>KARABOTS NICK G</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>P O BOX 736</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>FORT WASHINGTON</rptOwnerCity>
            <rptOwnerState>PA</rptOwnerState>
            <rptOwnerZipCode>19034</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
         <isDirector>1</isDirector>
         <isOfficer>0</isOfficer>
         <isTenPercentOwner>1</isTenPercentOwner>
         <isOther>0</isOther>
      </reportingOwnerRelationship>
   </reportingOwner>
 <nonDerivativeTable>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>Common Stock</value>
      </securityTitle>
      <transactionDate>
         <value>2003-09-15</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>A</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>1250</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>0</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>A</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>1248358</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </nonDerivativeTransaction>
   <nonDerivativeHolding>
      <securityTitle>
         <value>Common Stock</value>
      </securityTitle>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>1391180</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>I</value>
         </directOrIndirectOwnership>
         <natureOfOwnership>
            <value>by Glendi Publications, Inc.</value>
            <footnoteId id="F1"/>
         </natureOfOwnership>
      </ownershipNature>
   </nonDerivativeHolding>
   <nonDerivativeHolding>
      <securityTitle>
         <value>Common Stock</value>
      </securityTitle>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>410000</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>I</value>
         </directOrIndirectOwnership>
         <natureOfOwnership>
            <value>by Kappa Media Group Inc.</value>
            <footnoteId id="F1"/>
         </natureOfOwnership>
      </ownershipNature>
   </nonDerivativeHolding>
   <nonDerivativeHolding>
      <securityTitle>
         <value>Common Stock</value>
      </securityTitle>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>580165</value>
            <footnoteId id="F2"/>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>I</value>
         </directOrIndirectOwnership>
         <natureOfOwnership>
            <value>by The Karabots Foundation</value>
            <footnoteId id="F1"/>
         </natureOfOwnership>
      </ownershipNature>
   </nonDerivativeHolding>
 </nonDerivativeTable>
   <footnotes>
      <footnote id="F1"> The reporting person may be deemed to control this entity.</footnote>

      <footnote id="F2"> The Karabots Foundation is a private non-profit corporation. The reporting person disclaims beneficial ownership of these shares.</footnote>
   </footnotes>
   <remarks>EXHIBIT INDEX

Exhibit 24.Power of Attorney</remarks>
   <ownerSignature>
      <signatureName>/s/ Irving Needleman, Attorney-in-Fact</signatureName>
      <signatureDate>2003-09-16</signatureDate>
   </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24
<SEQUENCE>3
<FILENAME>kara-amrep_ex24.txt
<TEXT>

                                                                      Exhibit 24

                               POWER OF ATTORNEY

     The undersigned hereby appoints IRVING NEEDLEMAN and EDWARD B. WINSLOW, and
each of them acting singly, my  Attorneys-in-Fact  to sign, in my name and on my
behalf,  Reports on Securities and Exchange Commission Forms 4 and 5 relating to
the  acquisition  and  disposition  of  shares  of the  Common  Stock  of  AMREP
Corporation,  and any  rights  thereto,  and to  cause  the  same to be filed in
accordance with the requirements of Section 16(a) of the Securities Exchange Act
of 1934 as amended, and the rules and regulations thereunder.

     This Power of Attorney  shall remain in effect until the  undersigned is no
longer required to file such Reports, unless earlier revoked in writing.

       10/03/02                                /s/ Nicholas G. Karabots
- -------------------------                     ---------------------------
Date                                          Signature

                                                Nicholas G. Karabots
                                              ---------------------------
                                               Type or Print Name


</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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