-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0000006207-07-000002.txt : 20070112
<SEC-HEADER>0000006207-07-000002.hdr.sgml : 20070112
<ACCEPTANCE-DATETIME>20070112113610
ACCESSION NUMBER:		0000006207-07-000002
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070111
FILED AS OF DATE:		20070112
DATE AS OF CHANGE:		20070112

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMREP CORP.
		CENTRAL INDEX KEY:			0000006207
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		IRS NUMBER:				590936128
		STATE OF INCORPORATION:			OK
		FISCAL YEAR END:			0430

	BUSINESS ADDRESS:	
		STREET 1:		300 ALEXANDER PARK
		STREET 2:		SUITE 204
		CITY:			PRINCETON
		STATE:			NJ
		ZIP:			08540
		BUSINESS PHONE:		(609) 716-8200

	MAIL ADDRESS:	
		STREET 1:		300 ALEXANDER PARK
		STREET 2:		SUITE 204
		CITY:			PRINCETON
		STATE:			NJ
		ZIP:			08540

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMREP CORP
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERICAN REALTY & PETROLEUM CORP
		DATE OF NAME CHANGE:	19671019

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			DULOC MICHAEL P
		CENTRAL INDEX KEY:			0001203601

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-04702
		FILM NUMBER:		07527620

	BUSINESS ADDRESS:	
		STREET 1:		KABLE NEWS CO INC
		STREET 2:		641 LEXINGTON AVE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		2127054685

	MAIL ADDRESS:	
		STREET 1:		KABLE NEWS CO INC
		STREET 2:		641 LEXINGTON AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>jan07_mdex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2007-01-11</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000006207</issuerCik>
        <issuerName>AMREP CORP.</issuerName>
        <issuerTradingSymbol>AXR</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001203601</rptOwnerCik>
            <rptOwnerName>DULOC MICHAEL P</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>KABLE NEWS CO INC</rptOwnerStreet1>
            <rptOwnerStreet2>641 LEXINGTON AVENUE</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>1</isOther>
            <otherText>President &amp; COO Kable Media</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2007-01-11</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>2500</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>124</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2500</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <remarks>Exhibit 24 - Power of Attorney</remarks>

    <ownerSignature>
        <signatureName>/s/ Irving Needleman, Attorney-in-Fact</signatureName>
        <signatureDate>2007-01-12</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24
<SEQUENCE>2
<FILENAME>axrmdexh24.txt
<TEXT>
                                                                      Exhibit 24

                                POWER OF ATTORNEY

     I hereby  appoint  PETER M.  PIZZA and IRVING  NEEDLEMAN,  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 3, 4 and 5 relating to the
ownership,  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.

January 9, 2007
                                                     /s/  Michael P. Duloc
                                                     ---------------------
                                                     Michael P. Duloc

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