For the dough: Sprinkle the yeast over the milk in a liquid measuring cup and set aside until bubbly, 5 to 7 minutes.
Combine the flour, sugar and salt in a large bowl and whisk together. Add the eggs, vanilla, yeast mixture, lemon zest and nutmeg; stir with a wooden spoon to combine. Turn the dough out onto a work surface and knead until soft and smooth, about 5 minutes. Knead in the butter in three additions, dusting the dough with flour if it's too sticky. Transfer the dough to a lightly oiled large bowl, cover with plastic wrap and let rise at room temperature until doubled in size, about 1 1/2 hours.
For the filling: Combine the heavy cream, sugar and salt in a small saucepan. Heat over medium heat until scalding. Pour over the chocolate chips, butter and vanilla in a medium heatproof bowl. Let sit for a minute to melt, then whisk until smooth and shiny. Let cool to room temperature.
For the topping: Meanwhile, whisk the flour, sugar, cocoa powder and salt in a separate medium bowl. Work in the butter with your fingers until the mixture is sandy and chunky. Stir in the mini chocolate chips. Set aside.
For the assembly: Cut the dough in half with a bench scraper or chef's knife. Using a rolling pin, roll each half into a 12-by-16-inch rectangle on a lightly floured surface. Using an offset spatula, spread the filling on both dough rectangles, all the way to the edges. Starting from the long side, tightly roll each rectangle into a log. Wrap each log in plastic wrap and refrigerate for 15 minutes.
Unwrap the logs and cut each in half lengthwise with a bench scraper or chef's knife. For each babka, twist the 2 halves together a few times, starting from the middle. Coat two 9-by-5-inch loaf pans with cooking spray and line each with parchment, leaving an overhang on the 2 longer sides so you can pull the babka out of the pan after baking. Place a babka snuggly in each pan. Brush each loaf with the melted butter and sprinkle with the topping. Cover with plastic wrap and let rise for 45 minutes to 1 hour.
Preheat the oven to 350 degrees F. Bake the babkas until browned, about 45 minutes.
Meanwhile, make simple syrup: Combine the sugar and 3/4 cup water in a small saucepan; simmer, stirring, until the sugar dissolves. Let cool, then pour into a squeeze bottle. Pull the loaves out of the oven and immediately poke a bunch of holes into the babkas and squeeze some simple syrup into the holes. You will use 1 1/4 cups simple syrup evenly for the two loaves.
Let sit 10 minutes, then remove the babkas from the pans and remove the parchment. Let cool completely on a wire rack before slicing and serving.
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