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):  May 15, 2007
                                                  ------------------------------

                               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
                                                    ----------------------------

                                 Not Applicable
--------------------------------------------------------------------------------
          (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. 5.02. Departure of Directors or Certain Officers; Election of Directors;
            Appointment of Certain Officers; Compensatory Arrangements of
            Certain Officers.

     On May 15, 2007,  effective June 1, 2007,  Michael P. Duloc,  the President
and Chief  Operating  Officer of the  Registrant's  Kable Media  Services,  Inc.
subsidiary,  was elected  Chief  Executive  Officer of that  subsidiary  and his
annual salary was increased to $375,000.


                                   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: May 16, 2007








                                      -2-