DirectionsAdjust oven rack to middle position and heat oven to 325 degrees F.
Bring 1 quart of water to boil for a water bath.
Whisking constantly, bring sugar and 1/4 cup water to boil over medium-high heat in a medium heavy-bottomed saucepan.
When mixture starts to boil, turn heat to medium-low and stop whisking.
Continue to simmer until mixture turns golden brown, 10 to 15 minutes.
Pour mixture into a 9-inch deep-dish pie plate set in a roasting pan large enough to accommodate it.
Meanwhile, beat cream cheese until light and fluffy in a medium bowl.
Add eggs, one at a time, scraping down sides, after each addition.
Beat in both milks and vanilla until smooth.
Set roasting pan in oven; pour flan batter into pie plate and water into roasting pan.
Bake until flan is jiggly, but set, about 1 hour.
Remove from oven, cool to room temperature, and refrigerate until ready to serve.
Run a small knife around pie plate perimeter to loosen flan.
Invert onto a large lipped platter.
Cut into wedges and serve.