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): September 21, 2005
                                                        ------------------

                                AMREP CORPORATION
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               (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
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   (Address of Principal Executive Offices)               (Zip Code)

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

                                 Not Applicable
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          (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 8.01   Other Events.
            ------------

     Kable  Fulfillment  Services,  Inc.  ("KFS"),  an  indirect,   wholly-owned
subsidiary of AMREP  Corporation  (the  "Company"),  has entered into a sublease
amendment  effective  September  21,  2005  for  the  facility  it  occupies  in
Louisville,  Colorado.  KFS  originally  leased  the  facility  in April 2003 in
connection  with its  acquisition of the  subscription  fulfillment  business of
Electronic Data Systems Corporation.

     The original  sublease,  which was  scheduled to expire in April 2006,  has
been extended to 2014. The sublease amendment also eliminates space which is not
needed for the KFS Louisville  operations and provides for a reduction in annual
rent from that provided in the original sublease.


                                    SIGNATURE
                                    ---------
     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

Date:   September 26, 2005                        By:  /s/ Peter M. Pizza
        ------------------                             ------------------
                                                       Peter M. Pizza
                                                       Vice President and
                                                       Chief Financial Officer


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