UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934


Date of Report (Date of earliest event reported):     October 19, 2006
                                                  ------------------------------

                               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)

300 Alexander Park, Suite 204, Princeton, New Jersey              08540
- --------------------------------------------------------------------------------
      (Address of Principal Executive Offices)                   (Zip Code)

Registrant's telephone number, including area code:  (609) 716-8200
                                                    ----------------------------

212 Carnegie Center, Suite 302, Princeton, New Jersey  08540
- --------------------------------------------------------------------------------
          (Former Name or Former Address, if Changed Since Last Report)

Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the Registrant under any of the
following provisions (see General Instruction A.2. below):

[ ]  Written communications pursuant to Rule 425 under the Securities Act
     (17 CFR 230.425)

[ ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act
     (17 CFR 240.14a-12)

[ ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the
     Exchange Act (17 CFR 240.14d-2(b))

[ ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the
     Exchange Act (17 CFR 240.13e-4(c))





Item 1.01.  Entry into a Material Definitive Agreement.

     On October 19, 2006,  the  Compensation  and Human  Resources  Committee of
AMREP  Corporation  (the  "Company")  approved an annual salary  increase to the
indicated  amount for one  executive  officer  effective  October  2, 2006,  and
bonuses for  performance  during the Company's  fiscal year ended April 30, 2006
for executive officers, as follows:

          James  Wall,  Director  and  Senior  Vice  President  of the  Company;
     Chairman  of the  Board,  President  and  Chief  Executive  Officer  of the
     Company's AMREP Southwest Inc. subsidiary - $56,700 bonus;

          Peter M. Pizza, Vice President,  Chief Financial Officer and Treasurer
     of the Company - $184,860 annual salary and $20,000 bonus; and

          Michael  P.  Duloc,  President  and  Chief  Operating  Officer  of the
     Company's Kable Media Services,  Inc. subsidiary and of its fulfillment and
     distribution services businesses - $90,000 bonus.

                                   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.

                                             AMREP CORPORATION
                                             -----------------
                                             (Registrant)

                                             By: /s/ Peter M Pizza
                                                 -----------------
                                                 Peter M. Pizza
                                                 Vice President and
                                                 Chief Financial Officer

Date:  October 24, 2006













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