We study W-algebras obtained by quantum Hamiltonian reduction of sl(M n) associated to the sl(2) embedding of rectangular type. The algebra can be realized as the asymptotic symmetry of higher spin gravity with M × M matrix valued fields. In our previous work, we examined the basic properties of the W-algebra and claimed that the algebra can be realized as the symmetry of Grassmannianlike coset even with finite central charge based on a proposal of holography. In this paper, we extend the analysis in the following ways. Firstly, we compute the operator product expansions among low spin generators removing the restriction of n = 2. Secondly, we investigate the degenerate representations in several ways, and see the relations to the coset spectrum and the conical defect geometry of the higher spin gravity. For these analyses, we mainly set M = n = 2. Finally, we extend the previous analysis by introducing N = 2 supersymmetry. *