Exhibit 99.1


FOR:     AMREP CORPORATION
         641 Lexington Avenue
         New York, NY 10022

CONTACT: Peter M. Pizza
         Vice President and
         Chief Financial Officer
         (212) 705-4700
         (212) 705-4740 (fax)



                                                           FOR IMMEDIATE RELEASE
                                                           ---------------------


           AMREP REPORTS JURY VERDICT IN ELDORADO UTILITIES COURT CASE
           -----------------------------------------------------------

New York, September 23, 2004 - AMREP Corporation  (NYSE:AXR) reported today that
in the court proceedings in connection with the condemnation of the Company's El
Dorado  water  utility in Santa Fe, New Mexico,  a jury  verdict has been issued
valuing the utility at $11 million. The condemning authority had proposed a $6.2
million valuation. The Company believes that the condemning authority at present
does not have  available  financing for an $11 million  condemnation.  It is not
known what action the condemning  authority will now take in this matter.  Among
the possible  actions are appealing the verdict,  abandoning the condemnation or
seeking the additional financing needed to complete it. The Company is therefore
unable to predict the consequences to it of the jury verdict.