A Bay Shore man who stabbed his party host to death was held on a bail of $15 million bond or $5 million cash Wednesday after pleading not guilty to a first-degree manslaughter indictment, the Suffolk district attorney's office said.

Wilfredo Flores, 28, is accused of killing Carlos Velasquez, 40, with a kitchen knife March 9. He ran out of his host's Central Islip home before he was chased down by other party guests, authorities said.

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Flores' new bail is down from $60 million bond or $20 million cash set when he was initially arraigned after his arrest. He was not indicted on second-degree menacing, a misdemeanor that he was charged with after his arrest, but that charge is still pending, the district attorney's office said.

Suffolk police said Flores had been drinking at the party and started menacing guests with the knife.

Velasquez then stood in between Flores and others in the home and was stabbed in the stomach, prosecutors have said. He later died at Southside Hospital in Bay Shore, authorities said.

Flores was represented by Legal Aid and is due back in court April 23.

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The day he was initially arraigned, his attorney, Kathleen Evers of Legal Aid, said in court that her client had no criminal record and lived with a girlfriend and young child. She said he is an undocumented immigrant from El Salvador who is employed, but she did not specify the nature of his job.