In a large mixing bowl, cut cold butter into 1 cup flour until crumbly. Add in 2 tablespoons water and mix until dough sticks together when a small amount is pinched between two fingers (mixture will be crumbly).
Divide dough in half and pat into 2 rectangles (roughly 12"x 3" each) on baking sheets.
In a medium-sized saucepan, bring remaining 1/2 cup of butter and 1 cup of water to a boil. Once boiling, whisk in 1/2 cup flour. Mixture will be thick.
Remove from heat and allow mixture to cool 10 minutes. After cooling, stir in eggs, one at a time using a wooden spoon. Stir in 1 teaspoon almond extract.
Spread this mixture evenly onto the 2 rectangles and bake for 55-60 minutes at 325°F.
Allow pastries to cool completely. Once cooled, combine confectioner's sugar and add water, 1 teaspoon at a time until it reaches a consistency thin enough to drizzle. Add in a1/2 teaspoon of almond extract.
Drizzle cooled pastries with glaze, sprinkle with slivered almonds and chopped maraschino cherries if desired. Cut into long strips to serve.
Notes
Store pastry in an airtight container up to 72 hours.
This pastry does not freeze well.
May substitute vanilla extract for the almond extract in this recipe.