Exhibit 24

                               POWER OF ATTORNEY

     The undersigned hereby appoints IRVING NEEDLEMAN and EDWARD B. WINSLOW, and
each of them acting singly, my  Attorneys-in-Fact  to sign, in my name and on my
behalf,  Reports on Securities and Exchange Commission Forms 4 and 5 relating to
the  acquisition  and  disposition  of  shares  of the  Common  Stock  of  AMREP
Corporation,  and any  rights  thereto,  and to  cause  the  same to be filed in
accordance with the requirements of Section 16(a) of the Securities Exchange Act
of 1934 as amended, and the rules and regulations thereunder.

     This Power of Attorney  shall remain in effect until the  undersigned is no
longer required to file such Reports, unless earlier revoked in writing.

  September 3, 2003                              /s/ Albert Russo
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Date                                          Signature

                                                 Albert Russo
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                                               Type or Print Name