EXHIBIT 23



                    CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS



To AMREP Corporation:


     As independent public  accountants,  we hereby consent to the incorporation
of our report  included  in this Form 10-K into AMREP  Corporation's  previously
filed Registration Statements on Form S-8 Nos. 33-67114, 33-67116 and 333-17695.


                                                     /s/  ARTHUR ANDERSEN LLP



Albuquerque, New Mexico
August 13, 2001