Combine flour, sugar in a food processor, add the 7 tablespoons butter and egg yolk. Pulse until mixture comes together as smooth dough. Turn out onto a lightly floured surface and briefly knead the dough. Wrap with plastic and refrigerate for at least 15 minutes.
Preheat oven to 400 degrees F (200 degrees C). Roll the dough out to about a 12 inch circle. Cover the bottom and halfway up the sides of a 9 inch springform pan. Set aside.
Cut almond paste and butter into pieces and combine in the bowl of a food processor. Process until smooth. Add eggs one at a time, and process until smooth. Mix in almond extract. Pour filling into prepared crust.
Bake in the preheated oven for 25 to 30 minutes, or until golden brown and filling is set. Let cool for 20 minutes, then gently loosen sides of pan and cool completely.
In a small bowl, combine confectioners' sugar with water to make a thin glaze. Spread on top of cake and garnish with cherries.