In a small bowl, dissolve yeast and 1 teaspoon sugar in water; let stand for 5 minutes and set aside. In a large bowl, combine the flour, salt and remaining sugar; cut in butter until mixture resembles coarse crumbs. Add egg and cream to yeast mixture. Add to flour mixture; stir to form a stiff dough. Divide in half; cover and refrigerate for 3 hours.
In a small bowl, beat the almond paste, brown sugar and butter until smooth. On a lightly floured surface, roll each portion of dough into a 15x6-in. rectangle. Spread filling down center third of dough to within 1/2 in of edges. Beat egg and water; brush over edges of dough.
Fold sides over filling; seal seam and edges. Place seam side down on greased baking sheets. Cut five to six small slits in top. Cover and let rise in a warm place for 30 minutes.
Bake at 375° for 20-25 minutes or until golden brown. Cool completely.
For glaze, combine confectioners' sugar, extract and enough milk to achieve desired consistency; drizzle over coffee cakes. Sprinkle with almonds.