Updated: Dec 15, 2022
1 cup sugar
1/4 cup water
1 package (8 ounces) cream cheese, softened
5 large eggs, room temperature
1 can (14 ounces) sweetened condensed milk
1 can (12 ounces) evaporated milk
1 teaspoon vanilla extract
1. In a heavy saucepan, cook sugar and water over medium-low heat until melted and golden brown, about 15 minutes. Keep the lid on, to prevent sugar from going up the sides of the pan; add additional water if necessary. Check the pan and shake every now and then once boiling. Quickly pour into an ungreased 2-qt. round baking or souffle dish, tilting to coat the bottom; let stand for 10 minutes.
2. In a mixing bowl, beat the cream cheese until smooth. Beat in eggs, 1 at a time, until thoroughly combined. Add remaining ingredients; mix well. Pour over caramelized sugar.
3. Place the dish into a larger baking pan. Pour boiling water into larger pan to a depth of 1 in. Bake at 350° for 50-60 minutes or until center is just set. (mixture will jiggle).
4. Remove dish from the larger pan to a wire rack; cool for 1 hour. Refrigerate overnight.
5. To unmold, run a knife around the edges and invert onto a large rimmed serving platter. Cut into wedges and spoon some sauce over each serving.