Prepare the pastry crust by combining flour, powdered sugar, and cold butter in a food processor until it resembles coarse crumbs. Add egg yolk and ice water, pulse until dough comes together. Shape into a disk, wrap in plastic, and chill for at least 30 minutes.

Preheat oven to 375°F (190°C). Roll out chilled dough and fit into a 9-inch tart pan. Blind bake for 10 minutes, remove weights, and bake for another 5 minutes. Let cool slightly.

For the frangipane filling, cream together softened butter and granulated sugar until light and fluffy. Beat in egg and almond extract, then fold in almond flour until smooth. Spread over the pre-baked tart shell.

Arrange pitted cherries over the almond filling and sprinkle with sliced almonds. Bake for 30-35 minutes until golden brown. Let cool completely on a wire rack before serving.