How do these numbers make sense?

[Jack K.]

I came across a rental listing at 713 Lexington Ave. Brooklyn, NY. This place https://www.zillow.com/homedetails/713-Lexington-Ave-Brooklyn-NY-11221/30602984_zpid/ was sold at $1.5M a year ago, but the rent asking price is for $2,950 today http://www.bedfordbrownstone.com/PropertyDetails?i... . 

How do those numbers make any sense? Why would anyone want to go in on this deal? That is not nearly enough to cover a $1.5M mortgage and if it was paid all cash it doesn't nearly return enough money per year to be worth it

...am I missing something?

[Thomas S.]

Wealthy investors are looking for places to park their cash, They are not interested in actually making money aside from appreciation.

They are not investors they are speculators.

There are also a lot of stupid investors that do not do their home work.