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Have you actually gotten into both programs or is this hypothetical? The route that would bring the maximum earning potential is up to you. RE is entrepreneurial. Your degree matters, but only insomuch as it is a means to get a job and "prestige". The education can be a shortcut, but there are plenty of gajillionaires in RE with barely a high school education.
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thexaspect is right on the money.
There is no external ticket to RE success. It all depends upon you. There are plenty of people with Columbia MBA's right now pushing paper for someone who didn't get such a degree (or any degree for that matter) and is doing exactly what you want to do. Experience and results beat all in RE IMHO (which leads us to the question of how one gets experience or the 'foot in the door' which leads us to one's network of which a degree can bolster substantially).
That said and given your question, I second Columbia MBA by a very wide margin (provided the added cost and time are supportable) over the MSRED program. Columbia MBA has a very strong local NYC network together with excellent program resources and are well represented up and down the real estate spectrum.
Concentrating in Finance as opposed to RE would bring the most value (especially given the cost of this program) as you would not be pigeon-holed later on if things change (which they do - just a fact of life) and still be able to take advantage of any of the opps post-grad that someone doing RE would be able to do and certainly one doing the MSRED.
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