In a small bowl, dissolve yeast in warm water. Stir in the warm cream, sugar, egg and 1/4 cup flour. Place salt and remaining flour in a large bowl; cut in butter until crumbly. Fold in yeast mixture just until blended. (Do not knead.) Cover and refrigerate for at least 2 to 3 hours or overnight.
For filling, combine butter and confectioners' sugar. Stir in coconut; set aside.
Punch dough down. Divide dough in half. Turn onto a lightly floured surface. Roll each portion into a 12-in. circle. Spread with filling mixture. Cut each circle into eight wedges.
Roll up wedges from the wide end and place with pointed side down 2 in. apart on greased baking sheets. Curve ends to form a crescent shape. Cover and let rise in a warm place until doubled, about 1 hour.
For glaze, combine egg and milk. Brush over dough. Sprinkle with coconut. Bake at 375° for 13-18 minutes or until golden brown. Remove from pans to wire racks to cool.