To make the streusel, combine flour, sugar, and cinnamon in a small bowl, mix together thoroughly with a whisk. Cut the cold butter (1.5 oz) into small cubes and add to the dry ingredients mixture. Use a pastry blender to cut the butter or pinch the butter with your fingers into the dry mixture until coarse crumbs form. Cover and refrigerate (or freeze) until ready to use.

Preheat your oven to 350°F.

Brush a 9” cake pan or an 8”x8” square baking pan with some melted butter or spray with nonstick spray. Line with parchment paper, and butter or spray the parchment paper as well. Set the pan aside.

Wash and dice the peach into bite size pieces.

Melt 2.5 oz of butter in the microwave for 20-30 seconds. Pour the still hot melted butter over the cream cheese in a medium mixing bowl. Whisk together until smooth.

Add egg and vanilla extract, and continue whisking until completely smooth.

In a small mixing bowl, sift together flour and baking powder. Add sugar, and kosher salt, mix together thoroughly with a whisk.

Add the dry ingredients to the wet ingredients mixture. Fold with a spatula until just combined. Fold in the diced peaches.

Pour batter into the prepared pan. Use the spatula to distribute the batter evenly and create a flat surface. Sprinkle the cold streusel over the top evenly.

Bake for 40 minutes until an inserted toothpick comes out clean.

Let cool on a wire rack until cool enough to handle before unmolding the cake.