This sounds like the 1994 fantasy THE SHADOW (http://www.imdb.com/title/tt0111143/),
starring Alec Baldwin as the eponymous crime fighting superhero with supernatural powers. There is a scene where the Shadow confronts a bad guy (played by Tim Curry) inside a metal water tank: unable to see the invisible Shadow, the bad guy shoots wildly, making holes in the tank walls before leaving and locking the Shadow in. As the water rises, the Shadow sucks the air bubbling in through the holes and telepathically summons the female lead to unlock the tank. The evil asian villain, a descendant of Genghis Khan with powers of mind control, has his headquarters in the palatial Hotel Monolith which he makes disappear.
The many superhero films currently dominating the cinema take their heroes from comic books, but some of them (e.g. Batman) were originally inspired by the old radio dramas such as The Shadow. This movie was perhaps more successful in portraying stylish 1930s New York than in capturing the mystery of the original stories, but I would still recommend it as a fun Saturday night movie.
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