To perform both rotation and translation simultaneously, use the animate method
var leftRec = paper.path("M400 50 L380 70 420 90 380 110 420 130 400 150 350 150 350 50Z");
leftRec.attr("fill","#f00");
leftRec.animate({transform: "T0,500R-90"}, 1000, "ease-in");
To perform rotation first and then translation, make use of the callback in the animate method
var leftRec = paper.path("M400 50 L380 70 420 90 380 110 420 130 400 150 350 150 350 50Z");
leftRec.attr("fill","#f00");
leftRec.animate({transform:"r-90,400,150"}, 1000, "ease-in", function() {
this.animate({
path: Raphael.transformPath('M400 50 L380 70 420 90 380 110 420 130 400 150 350 150 350 50Z', 'T-500,0')
}, 1000);
// The below approach could have worked in theory but probably the coordinate system change might
// tamper with the subsequent transform. I am not so sure.
// this.animate({transform: "T0,500"}, 1000)
});
In both cases the shape is moved by 500px vertically.
This may not be the best solution, please correct / improve this if there is any better way to accomplish this.