8-K

                       Securities and Exchange Commission
                                Washington, D.C.


                                    FORM 8-K


                                 CURRENT REPORT



                     Pursuant to Section 13 or 15(f) of the
                         Securities Exchange Act of 1934



         Date of Report (Date of earliest event reported): March 7, 2002



                                AMREP CORPORATION
- --------------------------------------------------------------------------------
               (Exact name of registrant as specified in charter)



         Oklahoma                       1-4702               59-0936128
- ----------------------------       ----------------     ------------------------
(State or other jurisdiction       (Commission File         (IRS Employer
     of incorporation)                   Number)        Identification Number)



                 641 Lexington Avenue, New York, New York 10022
- --------------------------------------------------------------------------------
               (Address of Principal executive offices) (Zip Code)



        Registrant's telephone number, including area code (212) 705-4700








Item 4. Changes in Registrant's Certifying Accountant.

     On March 7, AMREP Corporation (the "Company")  notified Arthur Andersen LLP
("Andersen")  that the Company would change its external auditors to McGladrey &
Pullen  LLP  for its  fiscal  year  ending  April  30,  2002.  Andersen  and its
predecessor  partnership had been the independent  auditor for the Company since
1981.

     Prior to such  notification,  the Company did not consult with  McGladrey &
Pullen LLP regarding  the  application  of  accounting  principles to a specific
completed or contemplated  transaction or any matter that was either the subject
of a disagreement or a reportable  event.  The Company also did not consult with
McGladrey  &  Pullen  LLP  regarding  the type of audit  opinion  that  might be
rendered on the Company's consolidated financial statements.

     The reports of Andersen on the Company's  consolidated financial statements
for the fiscal years ended April 30, 2001 and 2000 contained no adverse  opinion
or disclaimer  of opinion and were not qualified or modified as to  uncertainty,
audit scope or  accounting  principles.  In  connection  with its audits for the
fiscal  years ended April 30, 2001 and 2000 and the  subsequent  interim  period
preceding  the  Company's  notification  to Andersen of its intention to dismiss
such  firm,  there has been no  disagreements  with  Andersen  on any  matter of
accounting principles or practices,  financial statement disclosure, or auditing
scope or procedure that, if not resolved to the satisfaction of Andersen,  would
have  caused  such  firm  to  make  reference  to  the  subject  matter  of  the
disagreement(s) in connection with its report.

     The Company's Audit Committee  participated in and approved the decision to
change the Company's external auditors and the Board made the appointment.

     The Company has requested that Andersen  furnish it with a letter addressed
to the SEC stating whether or not it agrees with the above statements.







                                   SIGNATURES


     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.

Date:  March 13, 2002


                                                     AMREP Corporation


                                                     By: /s/ Peter M. Pizza
                                                        --------------------
                                                              Peter M. Pizza
                                                              Vice President








Item 7.   Exhibits

          16.1  Letter  dated  March  13,  2002  from  Arthur  Andersen  LLP  to
          Securities and Exchange Commission.

EX-16

                                    EXHIBIT 16.1




Office of the Chief Accountant
Securities and Exchange Commission
450 Fifth Street N.W.
Washington, D.C.  20549

March 13, 2002

Re:      AMREP Corporation
         File No. 1-4702

Dear Sir/Madam,

We have read  paragraphs  1, 3 and 5 of Item 4 included  in the Form 8-K,  dated
March 13, 2002,  of AMREP  Corporation  filed with the  Securities  and Exchange
Commission and are in agreement with the statements contained therein.

With kind regards.

ARTHUR ANDERSEN LLP


/s/ Kim Nunley

By:
Kimberly A. Nunley


Copy to:
Mr. Peter M. Pizza, CFO, AMREP Corporation