Creamy Flan

Adjust oven rack to middle position and heat oven to 325 ºF. 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.