That is II to A. Those stats are on par with almost every school. It's the getting the II part that is very challenging. Going from 10,000 applicants to 900 interviewed is a lot bigger of a jump than going from 900 II's to ~400 admitted for a class of 200 (example numbers, generic).
So the 40% has nothing to do with Einstein being more or less selective. Schools simply don't have the resources to interview a bazillian applicants. Hence the idea that if you have 3 interviews, you SHOULD get 1 A just based on stats. HTH.