EXHIBIT 1
    
 
   
                 COVER LETTER TO ACCOMPANY DEFINITIVE PROXY OR
                  CONSENT SOLICITATION STATEMENT FOR INVESTORS
    
 
   
Dear Investor:
    
 
   
Enclosed  please find  a copy  of the  Definitive Consent  or Proxy Solicitation
Statements (the "Statements") for each  of the proprietary limited  partnerships
(NYLOG  I, II and  III, NYLIFE Energy Investors,  NYLIFE Realty Income Partners,
NYLIFE Government Mortgage Plus)  in which you  are the owner  as of the  Record
Date  (May  14, 1996).  IT  IS IMPORTANT  THAT YOU  READ  CAREFULLY EACH  OF THE
ENCLOSED STATEMENTS IN ITS ENTIRETY AND PROMPTLY RETURN THE ENCLOSED CONSENT  OR
PROXY  FORMS. The enclosed statements supersede the Preliminary Consent or Proxy
Solicitation Statements sent to you at  the end of March. Those Statements  were
accompanied  by a Notice of a Proposed  Settlement of a Class Action in relation
to these Partnerships.
    
 
   
Each of  these  limited partnerships  is  soliciting  your consent  or  vote  to
dissolve, wind up, liquidate and terminate the respective partnerships, and with
respect to NYLOG I partnerships to approve certain amendments to the partnership
agreements  in connection with such liquidation.  The proposals are set forth in
greater detail in the Statements. In order for the class members to receive  the
full monetary benefits of the class action settlement, approval of the proposals
is necessary.
    
 
   
Also  enclosed is a consent or proxy form  for each partnership in which you own
units. Liquidation of each  partnership requires the  approval by the  requisite
vote  of limited partners of record on  the Record Date, as more fully described
in the Statements. REGARDLESS OF THE NUMBER OF UNITS HELD, IT IS IMPORTANT  THAT
YOU VOTE YOUR UNITS BY SIGNING, DATING AND MAILING THE ENCLOSED CONSENT OR PROXY
FORM(S) PROMPTLY IN THE ENCLOSED ENVELOPES. TO ENSURE THAT YOUR VOTE IS COUNTED,
YOUR  CONSENT OR PROXY FORM(S)  MUST BE RECEIVED NO LATER  THAN JULY 1, 1996. IN
ADDITION, IF YOU OWN UNITS IN MORE THAN ONE PARTNERSHIP, YOU WILL NEED TO  SIGN,
DATE  AND MAIL A WRITTEN CONSENT OR  PROXY FOR EACH LIMITED PARTNERSHIP IN WHICH
YOU HOLD UNITS.
    
 
   
If you have questions, please call the toll-free number at 1-800-278-4117.
    
 
   
Sincerely,
/s/ KEVIN M. MICUCCI
Kevin M. Micucci
President