SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934

                          
Filed by the Registrant  [X]
Filed by a Party other than the Registrant  [ ]

Check the appropriate box:

[ ]      Preliminary Proxy Statement
[ ]      Definitive Proxy Statement
[X]      Definitive Additional Materials
[ ]      Soliciting Material Pursuant to Section 240.14a-11(c) or 
         Section 240.14a-12


                         McNEIL REAL ESTATE FUND V, LTD.
                (Name of Registrant as Specified in Its Charter)


                         McNEIL REAL ESTATE FUND V, LTD.
                   (Name of Person(s) Filing Proxy Statement)

Payment of Filing Fee (Check the appropriate box):
 
[ ]   $125 per Exchange Act Rules 0-11(c)(1)(ii), 14a-6(i)(1), or 14a-6(i)(2).
 
[ ]   $500 per each party to the controversy pursuant to Exchange Act Rule
       14a-6(i)(3).
 
[X]   Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.
 
      1)  Title of each class of securities to which transaction applies:
          Units of Limited Partnership Interest
          ----------------------------------------------------------------------

      2)  Aggregate number of securities to which transaction applies:
          18,223
          ----------------------------------------------------------------------

      3)  Per unit price or other underlying value of transaction 
          computed pursuant to Exchange Act Rule 0-11:*
          1/50 of 1% of $23,300,000 (aggregate value to be received by
          Registrant) = $4,660
          ----------------------------------------------------------------------

      4)  Proposed maximum aggregate value of transaction:
          $23,300,000
          ----------------------------------------------------------------------

*     Set forth the amount on which the filing fee is calculated and state
      how it was determined.
 
[X]   Check box if any part of the fee is offset as provided by Exchange  Act
      Rule  0-11(a)(2)  and identify the filing for which the  offsetting fee
      was paid  previously.  Identify  the  previous  filing by  registration
      statement number, or the Form or Schedule and the date of its filing.

      1)  Amount Previously Paid:    $4,660
                                   ---------------------------------------------
      2)  Form Schedule or Registration Statement No.: Preliminary Proxy 
          Statement
          ----------------------------------------------------------------------
      3)   Filing Party:  McNeil Real Estate Fund V, Ltd.
                        --------------------------------------------------------
      4)   Date Filed:    February 29, 1996
                        --------------------------------------------------------




                         McNeil Real Estate Fund V, Ltd.
                                 13760 Noel Road
                                    Suite 700
                               Dallas, Texas 75240

                           To the Limited Partners of
                         McNeil Real Estate Fund V, Ltd.
                               (the "Partnership")
                                                                 August 29, 1996

Dear Limited Partner:

         By now you should have received  information  concerning the Meeting of
Limited  Partners  which will be held on  September  10,  1996.  If you have not
already returned your signed proxy card, please do so as quickly as possible.

         McNeil  Partners,  L.P., the general  partner of the  Partnership  (the
"General  Partner"),  is mailing  this  letter to inform  you of certain  recent
events with respect to the  Partnership  that have taken place since the General
Partner mailed the proxy materials dated August 9, 1996 (the "Proxy Materials").
On or about August 12, 1996,  the General  Partner  received a request from High
River Limited  Partnership  ("High River") to provide a list of limited partners
of the  Partnership  and the  nine  other  affiliated  partnerships  which  were
previously  subject to tender  offers from High River as  described in the Proxy
Materials.  In such  request High River stated that it intended to make a tender
offer  for  the  Units  of  the   Partnership  and  the  other  nine  affiliated
partnerships.  The proposed tender offer is set forth in a Schedule 13D filed by
High River and described in the Proxy Materials previously mailed to you.

         On  August  19,  1996,  the  Partnership,  along  with the  nine  other
affiliated partnerships, filed a complaint for declaratory and injunctive relief
against High River in the United States District Court for the Central  District
of  California,  alleging  that the records  request of High River was  improper
because High River is in violation of the tender offer rules  promulgated  under
the  Securities  Exchange Act of 1934.  High River has requested  that the Court
issue a preliminary injunction requiring each of the ten partnerships to provide
a list of limited partners. The Court has not made a ruling.

         The General  Partner  continues to recommend that the Limited  Partners
vote in favor of the proposals described in the Proxy Materials.

         We urge you to return your signed proxy as quickly as possible.  If you
have  misplaced your proxy card or any of the Proxy  Materials,  please call the
Investor Operations at (800) 576-7907 or (214) 448-5800.

Very truly yours,

McNEIL PARTNERS, L.P.

By:      McNeil Investors, Inc., a
         Delaware corporation
         and its General Partner


        
By:      /s/  Donald K. Reed
         ----------------------------------
         Donald K. Reed, President