Instructions

COOK CHERRIES Bring cherries (with their syrup), sugar, and cornstarch to simmer in large saucepan over medium heat. Mash cherries with potato masher and cook until thick and jamlike, about 25 minutes (mixture should measure 2 cups). Refrigerate until cool, about 30 minutes.
MAKE STREUSEL Whisk 1 1/4 cups flour, 1/4 cup granulated sugar, brown sugar, and 1/4 teaspoon salt in medium bowl. Using fork, stir in melted butter until mixture forms pea-size pieces. Stir in 1/2 cup almond paste; reserve.
MAKE BATTER Adjust oven rack to middle position and heat oven to 350 degrees. Grease and flour 13 by 9-inch baking dish. Combine remaining 11/4 cups flour, baking powder, and remaining 1/4 teaspoon salt in medium bowl. Whisk sour cream, eggs, vanilla, and almond extract together in small bowl. In large bowl, with electric mixer on medium-high speed, beat remaining 2 cups almond paste, remaining 1/4 cup granulated sugar, and softened butter until light and fluffy, about 2 minutes. Add sour cream mixture and beat until incorporated. Reduce speed to low and add flour mixture, mixing until just combined, about 1 minute. Return speed to medium-high and beat until fluffy, about 1 minute.
BAKE CAKE Transfer batter to prepared dish. Dollop cooled cherry mixture over batter and spread into even layer. Sprinkle streusel over cherry mixture and bake until toothpick inserted in center comes out clean, about 30 minutes. Let cake cool completely, about 2 hours.
GLAZE CAKE Combine sugar, water, and almond extract. Drizzle over cake. Serve. (Cake can be kept at room temperature, covered in plastic wrap, for 3 days.)