Lee Evans of Irvington is facing five counts of murder and one count of arson. He maintains his innocence.
Prosecutors say Evans and another defendant, 53-year-old Philander Hampton, killed the teens by herding them at gunpoint into an abandoned building and setting it on fire.
Evans' attorney, Michael Robbins, says his client's bail - originally set at $5 million - was lowered to $950,000 Wednesday after Evans' family put up 3 properties. But Evans remained jailed as of late Wednesday afternoon.
The prosecution opposed the lower bail, arguing the 56-year-old Evans has incentive to flee.
The disappearance of the teens was one of New Jersey's longest running cold cases.