Demolished in 2015, but had been closed for a number of years before that.
Info from SFiST
Demolition is underway at the corner of 11th and Folsom in the former Paradise Lounge space. It's been dormant for several years now.
The space that was most recently known to Paradise Lounge was, more famously, the longtime home of a leather bar called Febe's, from 1966 to 1986, and at least one neighborhood leather man came to a Planning Commission meeting last September to voice his objections to the massive alterations that are getting made to the space, which is not technically considered historic.