EXHIBIT 8

June 8, 2000
                                                           Via fax: 856-582-7968

Mr. Edward B. Cloues, II
Chairman of the Board
AMREP Corporation
641 Lexington Avenue
New York, NY 10022

Dear Mr. Cloues:

Enclosed is a letter which demonstrates our financial capability to raise at
least $70-80 million. Mr. Robson and I would like to meet on June 15th or other
mutually convenient time with the entire Board, but in the alternative, would be
willing to meet with you, Messrs. Karabots, Russo, Belson and Seidman. If this
is the case, we would then like to meet with the other members of the Board
separately.

Further, because of the conflicts of interest and concerns that any agreement
would not be done on an arms length basis, our offer is predicated on the
following:

    1.   The contract between Mr. Karabots and his affiliates and AMREP or its
         affiliates not to be extended for more than 30 days at a time and no
         new contracts entered into between Mr. Karabots and his affiliates and
         AMREP or its affiliates.

    2.   No acquisition or investment of AMREP or its affiliates in the
         "Magazine Company," or "Supply Company," referred to in AMREP's recent
         Tender Offer materials, or any other company at this time.

    3.   No contracts made, or if existing, extended beyond 30 days between
         AMREP Corp. and its affiliates and customers of Mr. Karabots'
         companies.

Looking forward to getting together. I believe that doing so will offer the
opportunity to resolve this in a way that is beneficial to all shareholders.

Sincerely,

/s/ David P. Maniatis
---------------------
David P. Maniatis

Enclosure

C: AMREP Board Members



                     [CALIFORNIA BANK AND TRUST LETTERHEAD]

June 8, 2000

TO WHOM IT MAY CONCERN:

I have personally been involved with the Robson banking as a Senior Banking
Executive for the past ten years. Their revenues and assets are significant
relative to AMREP.

The Robsons have the financial capability to finance $70-80 million for the
acquisition of AMREP if they so desire. We have preliminarily looked at the
AMREP information and are ready to move forward on financing at the Robson's
request.

Sincerely,

/s/ David Blackford
-------------------
David Blackford
Managing Director