Betting against real estate has been a winner, but with the Fed's unprecedented rate cuts Tuesday, what's the trade?

As you likely know by now, the central bank reduced the federal funds rate (the interest that banks charge each other) to a range of zero to 0.25 percent. That is down from the 1 percent target rate in effect since the last meeting in October.

The rate cut along with Fed plans to buy mortgage related debt is widely believed to be an attempt to address the financial crisis at its epicenter; real estate.

And on the news, the iShares Dow Jones US Real Estate ETF shot higher.

But Karen Finerman isn’t fooled. In fact she sees a trade. She’s short real estate because she doesn’t think the Fed’s actions have materially changed the commercial real estate picture in this country.

“I’m short Forest City, ” she tells Dylan Ratigan on CNBC’s Closing Bell. “(They’re probably best known for the Atlantic yards development in Brooklyn.) They were a development company and that’s not a business model that’s working. And they have a lot of debt. “

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