UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                   FORM 12b-25

                           NOTIFICATION OF LATE FILING

                            SEC FILE NUMBER 1-4702

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                             CUSIP NUMBER 032159105

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             (Check One): [ ] Form 10-K [ ] Form 20-F [ ] Form 11-K
                          [X] Form 10-Q [ ] Form N-SAR

                            For Period Ended: 1/31/03

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                         PART I - REGISTRANT INFORMATION

                                AMREP Corporation

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                             Full Name of Registrant

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                            Former Name if Applicable

                         641 Lexington Avenue, 6th Floor

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                      Address of Principal Executive Office
                               (Street and Number)

                               New York, NY 10022

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                            City, State and Zip Code

                        PART II - RULES 12b-25(b) AND (c)

                    If the subject report could not be filed
                   without unreasonable effort or expense and

                  the registrant seeks relief pursuant to Rule
                  12b-25(b), the following should be completed.
                           (Check box if appropriate).





[X] (a) The  reasons  described  in  reasonable  detail in Part III of this form
could not be eliminated without unreasonable effort or expense;

[X] (b) The subject annual report, semi-annual report, transition report on Form
10-K,  Form 20-F,  11-K,  Form N-SAR,  or portion  thereof,  will be filed on or
before the  fifteenth  calendar day following  the  prescribed  due date; or the
subject  quarterly report or transition  report on Form 10-Q, or portion thereof
will be filed on or before the fifth  calendar day following the  prescribed due
date; and

[ ] (c) The  accountant's  statement or other exhibit required by Rule 12b-25(c)
has been attached if applicable.

PART III - NARRATIVE

State below in  reasonable  detail the reasons  why the Form 10-K,  11-K,  10-Q,
N-SAR, or the transition  report or portion  thereof,  could not be filed within
the prescribed time period.

Financial information is not finalized.


PART IV - OTHER INFORMATION

(1)  Name and telephone number of person to contact in
regard to this notification.

Peter M. Pizza           212         705-4705
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    (Name)           (Area Code) (Telephone Number)

(2) Have all other  periodic  reports  required under Section 13 or 15(d) of the
Securities  Exchange Act of 1934 or Section 30 of the Investment  Company Act of
1940  during the  preceding  12 months  (or for such  shorter)  period  that the
registrant  was required to file such reports) been filed?  If the answer is no,
identify report(s).

   [X]   Yes       [ ]  No

(3) Is it anticipated that any significant  change in results of operations from
the  corresponding  period for the last  fiscal  year will be  reflected  by the
earnings statements to be included in the subject report or portion thereof?

   [ ]   Yes        [ ]  No

              AMREP Corporation

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   (Name of Registrant as Specified in Charter)

has caused this notification to be signed on its
behalf by the undersigned hereunto duly authorized.


Date: 3/17/03      By:/s/ Peter M. Pizza
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                      Peter M. Pizza, Vice
                        President

                ATTENTION

International misstatements or omissions of fact
constitute Federal Criminal Violations
(See 18 U.S.C. 1001).